Heavy! Momentive Was Acquired!
This week, a consortium of Korean KCC, Wonik QnC and SJL Partners L.L.C. officially completed the acquisition of the world's organic silicon giant, the Momentive Group!
Jack Boss, CEO of JP Morgan Chase and president of Momentive, said the acquisition would help boost the company's global position, especially in the silicone market.
Boss said in a statement: "This acquisition, and further integration with KCC's silicone division, will further enhance Momentive's global leadership by expanding its product portfolio, expanding its geographic reach and strengthening its financial position."
Last September, the $3.1 billion deal was postponed because the US government closed. In a filing with the Securities and Exchange Commission (SEC), Mometier agreed to extend the deadline for approval of mergers by the US authorities to June 13.
The transaction amounted to $3.1 billion, and the investment group had to assume Momentive’s net debt, which required at least $250 million in cash. Under the terms of the transaction, the outstanding and outstanding common shares held by Momentive shareholders received $32.50 in cash per share.
The Momentive Group is a global leader in silicones and high-tech materials with more than 75 years of history, 24 manufacturing sites and 12 R&D centers, providing products and solutions to more than 4,000 customers in more than 100 countries.
Founded in 1958 and headquartered in Seoul, South Korea, KCC Group is a leading company in the field of chemical materials production in Korea. Its main products include coatings, building materials and specialty materials. KCC is also engaged in the development and production of silicone products for specialty coatings and precision chemical engineering; Wonik manufactures and markets quartz and ceramics for semiconductor wafers; and SJL is an investment management company in Korea.
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