Hexion Completes Acquisition of AI-Powered Smartech
Deal News | Dec 03, 2024 | PR Newswire Cision Hexion
Hexion Inc., a prominent global producer of adhesives and high-performance materials, has announced the acquisition of Smartech, a leading AI-powered autonomous manufacturing technology company. The acquisition marks a strategic step for Hexion, as it aims to revolutionize the manufacturing ecosystem by integrating advanced AI and machine learning technologies to significantly enhance production efficiency, cost, sustainability, and product quality in the wood processing industry and beyond. This acquisition is also notable as it is Hexion's first in a decade and aligns with its ongoing five-year transformation under American Securities' ownership since 2022. The deal underscores Hexion's commitment to leading the manufacturing industry into a sustainable and intelligent future by leveraging innovative technologies. Smartech will continue to function as an independent commercial entity, and the financial terms of the deal were not disclosed.
Sectors
- Manufacturing Technology
- Adhesives and Sealants
- Artificial Intelligence
Geography
- United States – Hexion Inc. is based in Columbus, Ohio, positioning the U.S. as a central geography in this acquisition.
- Global – Smartech serves clients across North America, South America, Europe, and APAC, indicating the global impact of this acquisition.
Industry
- Manufacturing Technology – Hexion's acquisition of Smartech, a company specializing in AI-driven autonomous manufacturing solutions, highlights significant advancements in manufacturing technologies.
- Adhesives and Sealants – Hexion is a global leader in adhesives and high-performance materials, and the acquisition aims to improve production processes in the adhesive and construction sectors.
- Artificial Intelligence – The transaction focuses heavily on employing AI to revolutionize manufacturing processes, emphasizing the role of AI in industrial development.
Financials
- Not disclosed – The financial terms of the acquisition of Smartech by Hexion were not publicly disclosed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Hexion Inc. | Acquirer | Company | A global leader in adhesive and high-performance materials solutions, headquartered in Columbus, Ohio. |
| Smartech | Acquired | Company | A leading-edge technology company specializing in AI-driven autonomous manufacturing solutions. |
| American Securities | Owner of Hexion | Company | A private equity firm that assumed ownership of Hexion in 2022, driving its transformation strategy. |
| Michael Lefenfeld | CEO of Hexion | Person | President and CEO of Hexion, overseeing the strategic direction and innovation focus. |
| Hanoch Magid | CEO of Smartech | Person | CEO of Smartech, responsible for leading the integration and technological advancements post-acquisition. |