WASHINGTON—MPM Holdings Inc., a global producer of specialty silicones and chemicals also known as Momentive Performance Materials, has filed with the Securities and Exchange Commission to make an initial public offering of shares to raise up to $100 million.
Momentive filed the S-1 registration statement announcing the IPO Sept. 8, a month after issuing its strongest financial statement since a judge approved its Chapter 11 bankruptcy reorganization plan in 2014.
In its S-1 prospectus summary, Waterford, N.Y.-based Momentive said it is one of the world's largest producers of specialty silicones and silanes, as well as a global leader in fused quartz and specialty ceramics.
The company has 24 production sites and 12 research and development facilities, and serves more than 4,000 customers in 100 countries, it said in the summary.
"We believe that our value-added business model focused on technical service, combined with our global footprint and long-term customer relationships, uniquely positions us as a key innovation partner in the specialty silicones, silanes and quartz and ceramics industries," Momentive said.
U.S. Bankruptcy Judge Robert Drain of the White Plains, N.Y., Bankruptcy Court approved Momentive's Chapter 11 plan Aug. 26, 2014.
In its April 2014 bankruptcy filing, Momentive listed $2.69 billion in assets and $4.17 billion in debt.
On Aug. 8, 2017, Momentive reported net sales of $594 million for the second quarter ended June 30, up 1 percent from the $586 million reported for the same three-month period in 2016.
For the first six months of 2017, net sales were $1.14 billion, 1 percent above the $1.12 billion for the first six months of 2016.
Momentive's net income for the second quarter of 2017 was $19 million, compared with a loss of $10 million for the second quarter of 2017.
For the first half of 2017, the company had a net loss of $11 million, compared with a $28 million loss the year before.