MPM Holding, the parent of Momentive, the second largest US silicones manufacturer, plans another attempt at an IPO; the first attempt failed in 2012. Apollo Global Management owns 40% of MPM; Apollo bought GE Silicones unit for $3.8-billion in 2011 and saddled it with debt. MPM has a silicones and quartz unit. It’s major US facility is in Waterford, NY.
In the first half of 2017, MPM recorded a net loss of $11-million on sales of $1.14-billion. SSEcond quarter results were net sales of $544-million and net income of $19-million, an increase of $29-million YoY. The company plans to raise at least $100-million but anticipates more. Nearly one third of the company’s sales are in North America, with Europe accounting for 27% and China 13%. The company has $1.12-billion in debt.
If successful, the company will trade on the NYSE as MPMH; shares trade now over the counter under MPMQ.
After Dow Corning was acquired by Dow Chemical, Wacker is the other major Western silicones stand alone publicly traded company.