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.

MPM to try IPO route again