Hexion to Merge with Momentive Performance Materials Holding
September 14, 2010
Columbus-based Hexion Specialty Chemicals is merging with Momentive Performance Materials Holding in a deal that the owner of both companies says will create one of the world's largest specialty chemical and materials companies.
Private equity firm Apollo Management owns a controlling stake in both companies.
The combined company will be based in Columbus and take the Momentive name.
It will have annual sales of $7.5 billion, more than 10,000 workers and 117 manufacturing facilities around the world.
The deal announced Monday will create a new company will be able to serve all major regions of the world with a portfolio of products aimed at industrial and consumer markets, the companies said.
Hexion sells specialty chemicals to industrial customers. Momentive, based in Albany, N.Y., provides industrial customers and consumers with silicone- and quartz-based specialty materials.
Hexion Chairman and CEO Craig Morrison will keep both those titles with the new company.
The deal is set to close on Oct. 1.
Source: The Columbus Dispatch, Ohio
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