Korean group KCC to ‘fully acquire’ Momentive Performance Materials

Seoul – Momentive Performance Materials is expected to be fully acquired by its current majority shareholder KCC Corp., the Waterford, New York-based materials supplier announced 28 March.

The deal will result in the exit of minority shareholder, SJL Partners LLC, which was part of the initial consortium that acquired Momentive in a $3.1-billion (2.7 billion) deal in May 2019. (ERJ report)

“We’re excited by the opportunities KCC’s 100% ownership position will bring to Momentive and the broader KCC Corp.,” said Momentive president and CEO Sam Conzone.

Post-acqusition, Conzone said, Momentive will continue and expand its partnership with the Korean group to “enable solutions for a sustainable world.”

Momentive has a 75-year track record of developing and manufacturing silicones and speciality solutions, said Mong Jin Chung, chairman, of KCC Group and Momentive.

“We deeply believe in the company’s growth opportunity as it continues to help businesses across the world delight their customers with innovative solutions,” he added.

The anticipated purchase, said Momentive, remains subject to customary closing conditions.