From Rubber and Plastics News
Columbus, Ohio -- Momentive Performance Materials Holdings llc plans to launch an initial public offering.
The silicones and speciality chemicals producer filed documents with the US Securities and Exchange Commission indicating it will issue its shares to the public through an IPO.
A prospectus released by Momentive said its silicone and quartz products segment had net sales of $2600 million in 2010, with earnings (EBITDA) of $489 million. The company said it had annual sales growth of 24 percent and EBITDA margins of 19 percent.
Momentive is a combination of the former Hexion and Momentive resins and chemicals businesses, created on 1 Oct 2010 by owner Apollo through the combination of the holding companies that owned the MPM Group and the MSC Group. Part of the business is the former GE Silicones operations, and includes a Urethanes Additives business, supplying catalysts, silicone surfactants and modifiers for PU foam manufacturers.
In April 2010, Momentive Specialty Chemicals Inc. announced that it was selling its North American composites and coatings resins business to PCCR USA Inc., a subsidiary of European investment group Investindustrial. The business makes epoxy, phenolic and coating resins for coating formulators and composite moulders.