Ceramic Industry News

Units of GE, Toshiba and Bayer Join to Form New Company (12/12/06)

December 12, 2006
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Momentive Performance Materials Inc., a new company created by the sale of GE’s Advanced Materials business to Apollo Management, L.P., will operate as one global entity focused on technology and service excellence in the silicones, quartz and ceramic industries. The acquisition was completed recently for $3.8 billion. The former GE Advanced Materials management team, led by President and CEO Wayne Hewett, will continue in their roles in the new business. In addition, the former joint ventures GE Bayer Silicones and GE Toshiba Silicones, their employees and their management team are now part of Momentive Performance Materials.

“We see this as a unique opportunity to build a new and exciting organization created from three global industry leaders,” Hewett said. “Our current and future customers will benefit from the best practices that have made GE an admired company, and from the deep industry expertise and financial resources that Apollo has to offer.”

For additional information, visit www.momentiveperformancematerials.com.

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