WATERFORD, N.Y.—Total net sales for MPM Holdings Inc., also known as Momentive, fell 5 percent to $602 million in the second quarter ended June 30, according to Momentive's latest financial results.
However, growth in the company's Segment EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) increased 2 percent to $60 million in the second quarter, with constant current growth of 8 percent, according to the company.
“We are pleased to report another quarter of year-over-over Segment EBITDA growth and continued progress in our strategic initiatives,” said Jack Boss, Momentive CEO and president, in a news release.
Boss blamed the decline in net sales on the strengthening of the U.S. dollar against other currencies, which more than offset gains in Momentive's silicone and quartz segments. On a constant currency basis, net sales would have increased 2 percent, he said.
Momentive continued to execute its strategic investment plan in the second quarter, according to Boss. The company completed its expansion of its facility in Leverkusen, Germany, to support the continued growth of its Liquid Silicone Rubber technology in a number of high-growth automotive, healthcare and energy application, he said.
During the quarter, Momentive also opened a logistics center in Dubai, United Arab Emirates, to strengthen its presence in India, Africa and the Middle East, Boss said.