At its Responsible Careand Sustainability Conference, the American Chemistry Council honored six member companies and one external organization with its 2024 Sustainability Leadership Awards.
Closing for the aquisition of the aftermarket coatings business is expected to occur in the third quarter, and is subject to regulatory approval and other customary closing conditions.
While the company saw a decline in revenue over sales generated in the same quarter of the previous year, the gross profit margin of 15.3%, was similar to Q1/2023.
"We are excited to fully bring Momentive into the broader KCC Corporation and anticipate a positive impact with the ownership change as we shift from a private equity mindset to a more strategic and long-term approach," said Momentive President and CEO Sam Conzone, Ph.D.
Although the company saw a decline in sales over the previous year, it maintains that this was mainly driven by considerably reduced prices as a result of lower raw materials and energy prices in almost all segments, as well as lower precious metal prices.
The 200,000-square-foot site in Westfield, Massachusetts, formerly owned and operated by National Envelope Company, commenced operations in January 2024.
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