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New Momentive: $7.5B Global Chemical Network

Tuesday, October 5, 2010

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The parent companies of Momentive Performance Materials Inc. and Hexion Specialty Chemicals Inc. have completed their merger, creating a global network for specialty chemicals and materials with annual sales projected at $7.5 billion.

The merger, announced in September and finalized Oct. 1, creates one of the world’s largest specialty chemicals and materials enterprises, with 117 production facilities and more than 10,000 associates.

The new enterprise retains the Momentive name but introduces a new logo.

In addition, Hexion Specialty Chemicals Inc. is changing its name to Momentive Specialty Chemicals Inc.

‘Broader Portfolio’

“Our new, combined enterprise now can offer a broader portfolio of specialty technologies and products to meet the diverse applications needs of our global customers,” said chairman & CEO Craig O. Morrison.

“These technologies include silicones, epoxies, quartz, phenolics, acrylics, aminos, Versatic Acids, and others that are used alone, or in combination, across thousands of critical industrial and consumer applications where superior performance is required.

“In addition, as we look across our complementary technology platform, we see tremendous growth potential for bringing new products to market.”

The new Momentive is headquartered in Columbus, OH. Its silicones and quartz business is headquartered in Albany, NY.

Market and Divisions

The new Momentive is organized into three global business divisions: Silicones and Quartz, led by president Steven Delarge; Epoxy, Phenolic and Coating Resins, led by president Joseph Bevilaqua; and Forest Products, led by president Dale Plante. The team includes leaders from both companies.

The new company serves more than 20,000 customers with silicones, epoxy resins and other specialty performance products for the protective coatings, marine, construction, transportation and other industrial and consumer industries.

Parent Companies Remain Separate

The capital structures and legal entity structures of both Momentive Performance Materials Holdings Inc. and Hexion LLC and their respective subsidiaries will remain separate and in place. The companies will continue to file separate financial and other reports with the Securities and Exchange Commission. The new parent company of Momentive and Hexion is now Momentive Performance Materials Holdings LLC.

The companies are controlled by investment funds affiliated with Apollo Global Management, LLC.

Momentive Performance Materials was formed in 2006 through the acquisition of GE Advanced Materials. Hexion Specialty Chemicals was formed in 2005 through the combination of Borden Chemical Inc., Resolution Performance Products Inc., Resolution Specialty Materials Inc., and Bakelite AG.

   

Tagged categories: Acquisitions; Hexion; Mergers

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