KCC starts to think global with Momentive acquisition

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KCC starts to think global with Momentive acquisition

KCC 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.


Yonhap

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