Momentive Performance Materials Holdings Inc. and Hexion LLC have completed the previously announced combination of Hexion and Momentive, creating a global leader in specialty chemicals and materials.
Momentive Performance Materials Holdings Inc., parent company of Momentive Performance Materials Inc., and Hexion LLC, 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 a company with 117 production facilities, more than 10,000 associates, pro forma annualized sales of approximately $7.5 billion and pro forma adjusted EBITDA of $1.24 billion. The new Momentive is one of the world’s largest specialty chemicals and materials enterprises, with approximately 28% of its sales in fast-growing regions including the BRIC countries (Brazil, Russia, India and China), 33% in Europe and 39% 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 Craig O. Morrison, chairman and CEO. “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 plan to introduce a new logo designed to create a bold new look for the enterprise. The new company is headquartered in Columbus, Ohio; 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 Steven Delarge, president; Epoxy, Phenolic and Coating Resins, led by Joseph Bevilaqua, president; and Forest Products, led by Dale Plante, president. The senior leadership team is a management group composed of leaders from Momentive and Hexion.
For more information, visitwww.momentive.comorwww.hexion.com.
Momentive and Hexion Complete Merger
October 11, 2010