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2006-12-12 News Release
New face for silicones,
quartz and ceramics biz
Specialty materials company will operate as one global entity focused
on technology and service excellence in the silicones, quartz and ceramics
industries.
A new company created by the sale of GE’s Advanced Materials business
to Apollo Management, L.P., Momentive Performance Materials Inc., will
operate as one global entity focused on technology and service excellence
in the silicones, quartz and ceramics industries. The acquisition, which
was completed recently for $3.8 billion, represents another stellar brand
added to Apollo’s strong portfolio of chemical businesses.
Find Information and Suppliers of industrial
silicones.
Momentive Performance Materials is a premier specialty materials company,
providing hightechnology materials solutions to the silicones, quartz
and ceramics markets.
The former GE Advanced Materials management team, led by president and
CEO Wayne Hewett, will continue in their roles in the new business. In
addition, the former joint ventures GE Bayer Silicones and GE Toshiba
Silicones, their employees and their management team are now part of Momentive
Performance Materials.
“We see this as a unique opportunity to build a new and exciting
organization created from three global industry leaders,” Hewett
said. “Our current and future customers will benefit from the best
practices that have made GE an admired company, and from the deep industry
expertise and financial resources that Apollo has to offer. Momentive
is now a stand-alone company, and we have the added flexibility and increased
focus to operate more nimbly in the marketplace, helping our customers
achieve their strategic, product design and business objectives.”
A leader in private equity, debt and capital market investments, Apollo,
founded in 1990, has significant expertise and experience in the chemical
industry and has successfully invested over $16 billion in companies representing
a wide variety of industries, both in the US and internationally. “Momentive
Performance Materials is a premier specialty materials company with a
proud history and promising future,” Joshua Harris, a founding partner
of Apollo, said. “We look forward to supporting the management team
as they take the company to a new level, investing in new high-impact
products, developing new market segments and applications, finding new
customers, and focusing on emerging growth markets.”
Find information about Momentive
Performance Materials, Inc.
Read a recent press release about - New family of super high flow Valox
resins from GE helps the Automotive Industry with lighter parts, energy
savings, and increased part consolidation.
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