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KCC to acquire U.S. silicone maker Momentive

All Headlines 12:05 September 13, 2018

SEOUL, Sept. 13 (Yonhap) -- A South Korean consortium led by KCC, one of South Korea's leading makers of building materials, will sign a deal Thursday to acquire U.S. silicone maker Momentive Performance Materials Inc., a company source said.

The KCC consortium has agreed to purchase a 100 percent stake in Momentive Performance from Apollo Global Management in a deal valued at around US$3 billion. Momentive Performance is wholly owned by the U.S. private equity investment firm.

Momentive Performance is one of the world's largest producers of silicone and silicone derivatives, and a global leader in the development and manufacturing of products derived from quartz and specialty ceramics.

A KCC executive handling the issue said a formal signing ceremony is set to be held in Seoul later in the day.

KCC said its stake in Momentive Performance will be 45 percent, while South Korean private equity fund SJL Partners will hold 50 percent and the remainder will be held by Wonik Group, a local producer of semiconductor equipment and materials.

Silicone are used in thousands of products and serve as a key ingredient in many construction, transportation, health care, personal care, electronic, consumer and agricultural uses, according to Momentive Performance's website.

This photo provided by the KCC shows its main office in southern Seoul. (Yonhap)

entropy@yna.co.kr
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