COLUMBUS, OH – Momentive Performance Materials Holdings Inc., the parent company of Momentive Performance Materials Inc., and Hexion LLC, the parent company of Hexion Specialty Chemicals Inc., have completed the previously announced combination of Hexion and Momentive, creating a global leader in specialty chemicals and materials.
The combination creates an entity with 117 production facilities, more than 10,000 associates, pro forma annualized sales of approximately $7.5 billion and proforma adjusted EBITDA of $1.24 billion. The new Momentive is one of the world’s largest specialty chemicals and materials enterprises with approximately 28 percent of its sales in fast-growing regions including the BRIC countries (Brazil, Russia, India and China), 33 percent in Europe and 39 percent in North America.
“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 and 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 combined companies will operate under the Momentive name and are introducing a new logo designed to create a bold new look for the enterprise. The new Momentive is headquartered in Columbus, OH. Its Silicones and Quartz business is headquartered in Albany, NY.
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 senior leadership team is composed of leaders from Momentive and Hexion.
Hexion and Momentive Performance Materials Complete Merger
October 10, 2010