ALBANY, NY/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 announced an agreement under which their newly formed holding companies will merge, creating a global leader in specialty chemicals and materials. The new company will operate under the Momentive Performance Materials name.
The capital structures of both Momentive Performance Materials Holdings Inc. and Hexion LLC and their respective subsidiaries will remain separate and in place. Upon closing, with 117 production facilities, more than 10,000 associates, pro forma annualized sales of approximately $7.5 billion and adjusted EBITDA of $1.24 billion, the new Momentive will be one of the world’s largest specialty chemicals and materials companies.
The new company will be headquartered in Columbus, OH, and will maintain a significant presence in Albany, NY, where its silicones business will continue to be headquartered.