Columbus, Ohio - Hexion Specialty Chemicals Inc. will appoint Peter Huntsman, currently president and ceo of Huntsman Corp. as its chairman, following its yet-to-be-finalised acquisition of Huntsman.
Following the deal, Craig Morrison, at present Hexion's chairman, ceo and president, will become president and ceo of the merged operation, while Donald Stanutz, Huntsman's division president for Performance Products, will become chief operating officer.
William Carter, executive vice president and chief financial officer for Hexion, will have the same role in the new company.
These appointments depend on the closure of Hexion's deal with Huntsman, which is expected during the second quarter of 2008, once regulatory approvals and other conditions have been finalised, said the group.
"This combination will form one of the world's largest specialty chemical companies. It will have annual sales of more than $14 000 million, more than 21 000 associates and 180 facilities around the world," said Joshua Harris, founding partner with Apollo Management LP, Hexion's owner.
Apollo is glad to have such an experienced team of chemical industry executives to run the new organisation, Harris indicated in the Hexion statement.