ExxonMobil Chemical Buys Resin Maker Materia Inc.
December 07 2021 - 2:35PM
Dow Jones News
By Josh Beckerman
Exxon Mobil Corp.'s ExxonMobil Chemical Co. has acquired Materia
Inc., which makes Proxima thermoset resins used in industries
including oil and gas, chemicals, automotive and renewable
energy.
ExxonMobil Chemical and Materia have collaborated since 2017 on
"new hydrocarbon-based materials that are stronger, lighter and
more durable than existing thermoset products such as epoxy."
ExxonMobil Chemical said that "in the wind power industry, these
benefits could enable the design of longer, more durable wind
turbine blades," and said the materials could be used to replace
steel in certain construction applications.
The deal includes Materia's headquarters and technology center
in Pasadena, Calif., and its manufacturing facility in Huntsville,
Texas. The sale price wasn't mentioned in a press release.
Materia's areas of focus include subsea insulation materials
used in energy production. The company's website says its
"thermosetting cross-linked hydrocarbon polymer maintains
structural integrity in deepwater operating environments as an
incompressible solid at water depths greater than 10,000 feet."
Discussing its wind energy-related technology, the company says its
resins "can enable lighter, longer, and stronger" turbine blades
and says its thermosets are "ideal for thick parts, such as spar
caps."
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
December 07, 2021 14:20 ET (19:20 GMT)
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