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KCC to merge silicones business with Momentive, increase stake

January 15/2021

MOSCOW (MRC) -- US silicones company Momentive has reached a definitive agreement to acquire the silicones business of its largest shareholder, South Koreas KCC Corp., said Chemweek.

The acquisition consolidates and combines the companies' silicones operations and brings new synergies, Momentive's CEO Sam Conzone said in a statement on Wednesday. It would expand Momentives technological capabilities and geographic footprint while strengthening its position in the Asia-Pacific region, Conzone added.

With the sale of the silicones business to Momentive, KCC is increasing its stake in Momentive to 60%. Financial or other terms were not disclosed.

Momentive develops advanced silicone and specialty products for customised applications in healthcare, telecommunications, electronics, personal care, construction, transportation, agriculture, energy, and many other industries.

The company, based in Waterford, New York, has more than 50 manufacturing and commercial locations globally.

As per MRC, Momentive Performance Materials Inc. (Waterford, N.Y.) outlined a series of steps to accelerate its global transition from commodity basics chemicals to specialty silicones actions that will focus the companys strengths and expertise on advanced technologies. The steps include a USD15-million investment in specialized Electronic Materials Production and the sale of its Consumer Sealants Business. The company also envisions a two-year transition away from basics chemicals production at its Waterford facility, which began operations in 1947.

We remind that Russia's output of chemical products rose in November 2020 by 9.5% year on year. At the same time, production of basic chemicals increased in the first eleven months of 2020 by 6.6% year on year, according to Rosstat's data. According to the Federal State Statistics Service of the Russian Federation, polymers in primary form accounted for the greatest increase in the January-November 2020 output. November production of polymers in primary form rose to 896,000 tonnes from 852,000 tonnes in October. Overall output of polymers in primary form totalled 9,240,000 tonnes over the stated period, up by 17.1%  year on year.
Author:Anna Larionova
Tags:petroleum products, crude oil, PP, PE, neftegaz, petrochemistry, Momentive.
Category:General News
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