The sale was effective on January 4, 2013 when the new company was named Momentive Specialty Chemicals Australia Pty.
Panel manufacturer Laminex Pty continues to hold the other 50% stake in the producer of formaldehyde and urea formaldehyde resins for Laminex and other customers in western Australia.
Momentive now has five locations in Australia and New Zealand.
Effective on the same date, Dynea also sold its Asian operations under Dynea Asia Pacific Holding Pte Ltd to Japanese chemicals company Aica Kogyo Co Ltd of Kiyosu-Shinkawa.
This sale includes Dynea’s stakes in Beijing Dynea Chemical Industry Co Ltd (55%), PT Dynea Mugi Indonesia (70%), PT Dynea India (51%), Dynea (Thailand) Co Ltd (60%) and Dynea Krabi Co Ltd (51%).
The sale of Dynea’s joint ventures in Shanghai and Malaysia await competition authorities’ and joint venture partners’ agreement.
The resin manufacturing company also intends to dispose of its remaining activities in Europe.
