KCC starts to think global with Momentive acquisitionKCC Corporation, a major construction materials producer in Korea, said Friday that the acquisition of U.S. silicone giant Momentive Performance Materials will be a stepping stone for the company to become a global player in the sector.
A consortium led by KCC has recently completed a $3 billion deal to take over Momentive following approval from the Committee on Foreign Investment in the United States last month.
Under the deal, KCC will have a 45.5 percent stake in Momentive.
Momentive is one of the three largest players in the global silicone market, along with U.S.-based Dow Silicones Corporation & Dupont and Germany’s Wacker Chemie AG.
The takeover is in line with KCC Chairman Chung Mong-jin’s focus on the silicone business.