Crompton completes OSi Specialties sale to GE

MIDDLEBURY, Conn. (Aug. 1)—Crompton Corp. has completed the sale of its OSi Specialties subsidiary to General Electric Co., which said it will operate the organosilicones business within its GE Specialty Materials business unit. GE paid $633 million in cash for OSi and is to pay a further $12 million for certain OSi assets overseas. Crompton also will receive performance-based payments of between $105 million to $250 million over three years. OSi Specialties is a global supplier of silanes, specialty silicones and urethane foam surfactants. The firm adds more than $450 million to GE Silicones in annual sales and creates "a strong portfolio of complementary product technology," said William Woodburn, president and CEO of GE Specialty Materials. OSi silanes are used as crosslinking and coupling agents and as adhesion promoters in tires and rubber, coatings, adhesives, sealants, thermoplastics and fiber-reinforced composites.