US equity firm Apollo complete $3.8bn GE deal

04 December 2006 20:36  [Source: ICIS news]

TORONTO (ICIS news)--US private equity firm Apollo said on Monday that is has completed its $3.8bn (€2.9bn) acquisition of General Electric’s Advance Materials (GEAM) business.

 

Apollo is launching the business as Momentive Performance Materials, a new stand-alone company focused on silicones, quartz and ceramics industries, it said.

 

Momentive includes former GEAM joint ventures GE Bayer Silicones and GE Toshiba Silicones.

 

It will continue to be headed by the GEAM management team under chief executive Wayne Hewett.

 

The company will be based in Connecticut, employing a staff of over 5,000 worldwide, a Momentive spokeswoman said in an interview. She did not disclose annual sales.

 

($1 = €0.75)

By: Stefan Baumgarten
+1 713 525 2653

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