South Korea-based KCC Corp. has completed a previously announced deal to fully acquire Waterford, New York-based materials specialist Momentive Performance Materials.
The acquisition results in the exit of minority shareholder SJL Partners, and the full ownership of Momentive by KCC, which has been a majority shareholder since 2020, Momentive recently announced.
The silicones specialist anticipates "a positive impact with the ownership change as we shift from a private equity mindset to a more strategic and long-term approach," said Momentive President and CEO Sam Conzone.
Conzone will continue to lead Momentive as the company "focuses on the next stage of growth," said Mong Jin Chung, chairman of KCC Group and Momentive.
