SEOUL, South Korea—KCC Corp. is in line to become the sole owner of Momentive Performance Materials Group, after the South Korean chemical producer announced its intent to buy out a single remaining minority owner of Momentive March 28.
Momentive, of Niskayuna, N.Y., is an indirect, wholly owned subsidiary of MOM Holding Co. and an international producer of silicones and specialty products.
"We're excited by the opportunities KCC's 100-percent ownership position will bring to Momentive and the broader KCC Corp.," Sam Conzone, Momentive president and CEO, said in a statement. "We look forward to continuing and expanding our partnership with the exceptional teams at KCC to continue providing specialized products to enable solutions for a sustainable world."
The remaining minority partner is SJL Partners L.L.C., a private equity investment manager also based in South Korea.
Terms of the planned acquisition and buyout were not released. The anticipated purchase remains subject to customary closing conditions.