BACKGROUND OF THE INVENTION 
     The present invention relates to a process for preparing hydrolyzed epoxy resins. 
     High molecular weight polyepoxide resins have been made more reactive by blending with a hydrolyzed or partially hydrolyzed low molecular weight or high molecular weight epoxy resin as disclosed by Walker in U.S. Pat. No. 3,632,836. 
     Hydrolyzed and partially hydrolyzed epoxy resins have been prepared by dissolving the epoxy resin to be hydrolyzed in an inert organic solvent, admixing the resultant solution with a dilute aqueous solution of an acid catalyst, heating to a temperature of from about 50° C. to about 374° C., washing to remove the acid catalyst and distilling the solvent to recover the hydrolyzed epoxy resin product. Such process is disclosed by Walker in U.S. Pat. Nos. 3,405,093, 3,632,836 and 3,787,508. 
     Such process requires the necessity for removing and recovering an organic solvent therefrom, particularly when it is desired to employ the epoxy resins in the high molecular weight form such as in powder coatings, molding powders, epoxy ester resins for coatings, adhesives and the like. The present invention provides a process for preparing high molecular weight epoxy resin compositions containing hydrolyzed epoxy groups during the preparation of the high molecular weight epoxy resin in the absence of an organic solvent. Such a process is obviously desirable from an environmental standpoint. 
     SUMMARY OF THE INVENTION 
     The present invention pertains to a process for preparing high molecular weight epoxy resin compositions containing at least one hydrolyzed glycidyl group which process comprises 
     (1) reacting in the absence of an inert organic solvent 
     (A) at least one low molecular weight epoxy resin having an average of more than one glycidyl group per molecule; 
     (B) at least one compound having an average of more than one hydroxyl group per molecule which is reactive with a glycidyl group; said reaction being conducted in the presence of 
     (C) a catalytic quantity of a catalyst for effecting the reaction between (A) and (B); 
     (D) water in an amount in excess of that amount theoretically required to totally hydrolyze all of the epoxy groups of the epoxy resin produced from the reaction between (A) and (B); and 
     (2) removing the excess water; thereby providing an epoxy resin composition having an average molecular weight higher than component (A) and which contains at least one hydrolyzed glycidyl group. 
     For purposes herein, the terms low molecular weight and high molecular weight are relative in that it is meant that the high molecular weight epoxy resin has an average molecular weight greater than that of the low molecular weight epoxy resin. 
     By the term hydrolyzed glycidyl group, it is meant the group represented by the formula ##STR1## 
     DESCRIPTION OF THE INVENTION 
     Suitable low molecular weight epoxy resins include, for example, glycidyl ethers of polyhydric aliphatic, cycloaliphatic and aromatic compounds, glycidyl esters of polycarboxylic acids, mixtures thereof and the like. 
     Particularly suitable are the glycidyl ethers of polyhydric aromatic compounds such as phenols, bisphenols and phenol-aldehyde resins. 
     Most particularly suitable low molecular weight epoxy resins which can be employed herein include those represented by the formulas ##STR2## wherein A is a divalent hydrocarbon group having from one to about 8 carbon atoms, --O--, --S--, --S--S--, ##STR3## each X and X&#39; is independently hydrogen, bromine, chlorine or a hydrocarbon group having from 1 to about 8 carbon atoms; n has a value of zero or 1; n&#39; has an average value less than about 0.9, preferably less than about 0.2 and most preferably from about 0.001 to about 0.15 and n&#34; has a value of from about 0.001 to about 5, preferably from about 0.1 to about 2.5. 
     Suitable compounds having an average of more than one hydroxyl group per molecule which can suitably be employed herein include, for example, aliphatic, cycloaliphatic and aromatic compounds having a plurality of hydroxyl groups. 
     Suitable aliphatic hydroxyl-containing compounds include, for example, ethylene glycol, propylene glycol, diethylene glycol, dipropylene glycol, polyoxypropylene glycols, glycerine, pentaerythritol, neopentyl glycol, dibromoneopentyl glycols and the like. 
     Particularly suitable dihydric phenols which can be employed herein include those represented by the formulas ##STR4## wherein A, X, X&#39;, n and n&#34; are as defined above. 
     Suitable catalysts which can be employed as component (C) in the process of the present invention when component (B) is an aromatic hydroxyl-containing compound include any catalyst which will catalyze the reaction between a vicinal epoxy group and a phenolic hydroxyl group. Such catalysts include, for example, those disclosed in U.S. Pat. Nos. 3,306,872; 3,341,580; 3,379,684; 3,477,990; 3,547,881; 3,637,590; 3,843,605; 3,948,855; 3,956,237; 4,048,141; 4,093,650; 4,131,633; 4,132,706; 4,171,420; 4,177,216 which are incorporated herein by reference. 
     Particularly suitable catalysts are those quaternary phosphonium and ammonium compounds such as, for example, ethyltriphenylphosphonium chloride, ethyltriphenylphosphonium bromide, ethyltriphenylphosphonium iodide, ethyltriphenylphosphonium acetate, ethyltriphenylphosphonium diacetate (ethyltriphenylphosphonium acetate·acetic acid complex), tetrabutylphosphonium chloride, tetrabutylphosphonium bromide, tetrabutylphosphonium iodide, tetrabutylphosphonium acetate, tetrabutylphosphonium diacetate (tetrabutylphosphonium acetate·acetic acid complex), butyltriphenylphosphonium tetrabromobisphenate, butyltriphenylphosphonium bisphenate, butyltriphenylphosphonium bicarbonate, benzyltrimethylammonium chloride and tetramethylammonium hydroxide. 
     Suitable catalysts which can be employed as component (C) when component (B) is an aliphatic- or cycloaliphatic-containing hydroxyl compound include the Lewis acids such as, for example, boron trifluoride, stannic chloride, aluminum chloride, ferric chloride, aluminum bromide, zinc chloride, silicon tetrachloride, titanium tetrachloride, mixtures thereof and the like. 
     The quantities of epoxy resin and hydroxyl-containing compounds employed herein are that required to obtain the desired molecular weight and are usually employed in such quantities as will provide an epoxide:hydroxyl ratio of from about 40:1 to about 1.2:1, preferably from about 10:1 to about 1.5:1. 
     The quantity of catalyst employed depends upon the particular reactants and catalyst being utilized and is usually in the range of from about 0.1 to about 10 millimoles, preferably from about 0.2 to about 6 millimoles per equivalent of the epoxide reactant. 
     Higher quantities of catalyst are usually desired when higher molecular weight products are to be prepared. 
     The temperature at which the reaction can be conducted depends upon the particular reactants and catalysts employed but usually ranges from about 25° C. to about 300° C., preferably from about 90° C. to about 250° C. 
     The higher the temperature and the higher the concentration of catalyst, the less time that is required for the reaction to reach a specific degree of completion. 
     The excess water can be removed by any suitable means such as, for example, vacuum distillation, molecular sieves, inert gas purge at elevated temperatures, and the like; however, it is preferred to remove the excess water by vacuum distillation. 
     The extent of hydrolysis depends upon the reaction conditions and amount of excess water. However, at constant reaction conditions, the greater the excess quantity of water the greater the hydrolysis. 
     The water employed is in excess of that quantity theoretically required to hydrolyze 100% of the epoxy groups remaining after advancement i.e., after preparation of the high molecular weight epoxy resin. 
     The theoretical percent epoxide is calculated by the following formula ##EQU1## EqER=epoxide equivalents from the low molecular weight epoxy resin. EqOH=hydroxyl equivalents from the hydroxyl-containing compound. 
     WtER=weight of low molecular epoxy resin employed. 
     WtOH=weight of hydroxyl-containing compound. 
     Theoretical EEW is calculated by the following formula ##EQU2## 
     Theoretical 100% hydrolysis is calculated by determining what amount of water is required to theoretically hydrolyze the remaining epoxide content of the resin resulting from the reaction of (A) and (B). Thus, EqH 2  O (equiv. H 2  O)=EqER-EqOH for 100% hydrolysis theoretically. 
     Employing the above formula, the theoretical quantity of water for 100% hydrolysis for example 1 is calculated as follows: EqH 2  O=4.197-1.997=2.2. 
    
    
     The following examples are illustrative of the invention but are not to be construed as to limiting the scope of the invention in any manner. 
     EXAMPLES 1-5 
     A series of high molecular weight epoxy resins were prepared by adding to a Parr autoclave reactor the indicated quantities of a diglycidyl ether of bisphenol A having an epoxide equivalent weight (EEW) of about 184, bisphenol A, water and as a catalyst for the reaction between the epoxy resin and bisphenol A, ethyltriphenylphosphonium acetate·acetic acid complex as a 70% solution in methanol. The reaction was conducted at 120° C. for 2 hours at autogenous pressure, after which the unreacted water was removed by vacuum stripping at 190° C. for about 30 minutes. The quantities of catalyst in each instance was 0.5 grams of the 70% solution. The quantities of reactants and results are given in the following Table. 
     The percent hydrolysis is determined as follows: ##EQU3## wherein: TPE A &amp; B=theoretical % epoxide after reaction of A &amp; B 
     TPE A, B &amp; D=theoretical % epoxide after reaction of A, B &amp; D 
     
         __________________________________________________________________________COMPONENT AND        EXAMPLE                       EXAMPLE                              EXAMPLE                                     EXAMPLE                                            EXAMPLEPRODUCT PROPERTY     1      2      3      4      5__________________________________________________________________________EPOXY RESIN (ER) grams                772.3  752.2  752.7  752.9  816.8   equiv.            4.197  4.088  4.091  4.092  4.439BISPHENOL A (BPA), grams                227.7  247.8  247.8  247.8  185.2   equiv.            1.997  2.174  2.174  2.174  1.625WATER (W), grams     55     55     71.6   90.1   109.9   equiv.            3.056  3.056  3.978  5.006  6.106EQUIV. RATIO, EP/BPA/W                1/.476/.728                       1/.532/.748                              1/.531/.972                                     1/.531/1.223                                            1/.366/1.376THEORECTICAL AMOUNT OF WATERTO HYDROLYZE 100% OF EPOXYGROUPS, equiv.       2.2    1.914  1.917  1.918  2.814EXCESS WATER, equiv. 0.856  1.142  2.061  3.088  3.292THEORETICAL EEW/% EPOXIDE                456/9.43                       525/8.19                              525/8.19                                     525/8.19                                            354/12.15ACTUAL EEW/% EPOXIDE 492/8.74                       618/6.96                              713/6.03                                     902/4.77                                            1117/3.85% HYDROLYSIS         7      15     26     41     68VISCOSITY @ 150° C.,  centistokes        345    713    1019   1991   933__________________________________________________________________________
High molecular weight epoxy resins containing hydrolyzed epoxy groups are prepared by reacting (A) a low molecular weight epoxy resin, and (B) a hydroxyl-containing compound in the presence of (C) a catalyst therefor and (D) an excess quantity of water and thereafter removing the excess water.