WATERFORD, N.J.—MPM Holdings Inc., the parent company of silicone supplier Momentive Performance Materials Inc., posted gains in sales and net income for the third quarter of 2018.
Momentive got back in the black this quarter, posting a net income of $18 million compared to a net loss of $8 million in 2017, according to a Momentive news release. The same is true for the first nine months, with an income of $77 million compared to a $19 million loss through the same peiord in 2017.
Momentive's sales increased 16 percent to $687 million for the quarter ending Sept. 30 and 18 percent to $2.05 billion for the nine-month period.
The firm said its sales increase was driven by improved market dynamics in the company's basics end markets and volume gains across segments, Momentive said. Those gains reflected the benefits of strategic growth investments and increased demand in the automotive, agricultural, personal care, electronic and industrial end markets.
By segment, Performance Additives showed a net sales increase of 7 percent to $239 million for the quarter, and a 10 percent increase to $737 million since January.
Formulated and Basic Silicones gained 23 percent to $395 million for the quarter. Since the beginning of the year, it increased 26 percent to $1.15 billion.
Quartz Technologies increased 4 percent to $53 million compared to the same period last year, and 5 percent since January.
The company continues to benefit from the ongoing market uplift within the Formulated and Basic Silicones segment, as well as growth in the specialty applications driven by end-market pull and strategic capital investments, Jack Boss, Momentive CEO and president, said in a statement.
In September, a group of South Korean companies including SJL Partners L.L.C., KCC Corp. and Wonik QnC Corp. completed an agreement with MPM to acquire the company for about $3.1 billion. The deal included assumption of net debt, pension and post retirement liabilities. For the quarter, Momentive reported total liabilities of $2.23 billion.