WILTON, Conn., Dec. 4, 2006 (PRIME NEWSWIRE) -- Momentive Performance Materials Inc., the new company created by the sale of GE's Advanced Materials business to Apollo Management, L.P., will operate as one global entity focused on technology and service excellence in the silicones, quartz and ceramics industries. The acquisition, which was completed yesterday for $3.8 billion, represents another stellar brand added to Apollo's strong portfolio of chemical businesses.
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 has significant expertise and experience in the chemical industry. "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."
About Momentive Performance Materials
Momentive Performance Materials is a premier specialty materials company, providing high-technology materials solutions to the silicones, quartz and ceramics markets. The company is a global leader with worldwide operations, a robust product portfolio, industry-leading research and development capabilities, and a long tradition of service excellence.
About Apollo Management
Apollo Management, founded in 1990, is a recognized leader in private equity, debt and capital markets investing. Since its inception, Apollo has successfully invested over $16 billion in companies representing a wide variety of industries, both in the US and internationally. Apollo is currently investing its sixth private equity fund, Apollo Investment Fund VI, L.P., which along with related co-investment entities represents approximately $12 billion of new capital.