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Dive Brief:
Specialty chemicals maker CitroTech and adhesives manufacturer Hexion have formed a fire-retardant joint venture that’ll service the lumber and building materials industry, the companies announced in April.
The 50-50-owned joint entity, dubbed HexiTech, will focus on developing, manufacturing, commercializing and selling products under CitroTech’s intellectual property, while using Hexion’s production and commercial capabilities, according to a securities filing.
Hexion will also advance CitroTech up to $6 million in principal loans for the chemical company to draw on, and contribute additional capital, per the agreement.
