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Hexion is expanding its manufacturing capabilities at its Missoula, Montana site to meet growing demand for its ArmorBuilt™ Fire Protection product, which enhances fire safety for critical infrastructure. This expansion follows earlier capacity increases at the Portland, Oregon site in 2021. The new capacity will be operational in Q4 2022, supporting areas prone to wildfires. ArmorBuilt has proven fire resistance and offers a sustainable solution for wooden utility poles. Hexion is also collaborating with a major North American wood pole producer to protect utility infrastructure.
Hexion announced preliminary unaudited results for 2021, reporting net sales from continuing operations of approximately $1.9 billion. The Company expects operating income between $32 million and $42 million, and Segment EBITDA between $250 million and $260 million. Following the sale of its Epoxy Business, Hexion's ongoing operations will focus on its Adhesives Segment. The company anticipates continued growth in 2022, driven by rising demand in residential construction. The final financial results will be detailed in March 2022.
Hexion announced strong Q3 2021 results with net sales of $945 million, up 49% from Q3 2020. Net income surged to $49 million compared to a loss of $94 million last year. Segment EBITDA reached $188 million, a 107% increase year-over-year, driven by robust performance in the Adhesives and Coatings segments. Liquidity stood at $721 million, with a net debt to Pro Forma EBITDA ratio of 2.3. Hexion is exploring strategic options, including a potential spin-off and IPO, subject to SEC and market conditions.
Hexion Inc. has expanded its manufacturing capabilities in Portland, Oregon, to meet the rising demand for its ArmorBuilt™ Wildfire Shield product, which is designed for fire protection of critical infrastructure. This expansion, following earlier increases in capacity in early 2021, allows production sufficient to stretch from Portland to San Diego. The ArmorBuilt product has successfully passed fire resistance tests and aims to enhance the lifespan of wooden utility poles while offering potential applications across various industries.
Hexion Holdings Corporation plans to separate into two independent companies: Hexion Holdings and Hexion Coatings and Composites (HCC). Current shareholders will receive 100% of HCC's stock, enhancing shareholder value. The separation is expected to be finalized by Q4 2021, pending regulatory approvals. Hexion Holdings, focusing on adhesives and derivatives, anticipates strong cash flows from booming residential construction in North America. HCC aims to expand its leadership in epoxy resins while addressing environmentally preferred solutions.
