PROCESS FOR PRODUCING MODIFIED EPOXY RESIN

The present invention relates to a dispersion (F) comprising rubber-like polymer particles (B) and organic media (C) and (D), which is obtainable by bringing an organic medium (C) showing partial solubility in water into contact with an aqueous latex of rubber-like polymer particles (B) and then bringing an organic medium (D) having lower partial solubility in water than that of (C) into contact therewith to separate an aqueous layer substantially from the rubber-like polymer particles (B), wherein the rubber-like polymer particles (B) are obtainable by graft-polymerizing 5 to 50% by weight of a shell layer (B-2) comprising at least one monomer selected from the group consisting of (meth)acrylates, aromatic vinyls, vinyl cyanides, unsaturated acid derivatives, (meth)acrylamide derivatives and maleimide derivatives, with 50 to 95% by weight of a rubber particle core (B-1) comprising a rubber elastic body composed of not less than 50% by weight of at least one monomer selected from the group consisting of diene monomers and (meth)acrylate monomers and less than 50% by weight of another copolymerizable vinyl monomer, or a polysiloxane rubber elastic body, or a mixture thereof, wherein the solubility of water in the organic medium (C) at 25°C is 9 to 40% by weight, wherein the amount of the organic medium (C) is 50 to 350 parts by weight relative to 100 parts by weight of the latex of the rubber-like polymer particles (B), and wherein the amount of the organic medium (D) is 20 to 1000 parts by weight relative to 100 parts by weight of the organic medium (C).