Momentive Performance Materials Inc. in Waterford has closed on the previously announced sale of its consumer sealants business to Henkel Corp., a chemical and consumer good company headquartered in Germany.
The sale comprises a portfolio of consumer sealants sold under license from General Electric Com. and available through home-improvement centers, major retailers and hardware stores.
Momentive officials said the transaction does not include the GE-branded construction sealants product line, which will remain a Momentive focus.
The sale “is another step toward building Momentive’s future and will allow us to better focus on silicone and specialties products for growing markets and advanced customer applications,” said Momentive President and CEO Sam Conzone. “We look forward to shifting our focus and investments toward specialty businesses where we have unique capabilities to win.”
Momentive develops advanced silicone and specialty products for innovative applications in healthcare, telecommunications, electronics, personal care, construction, transportation, agriculture, energy and many other industries.
Momentive previously announced plans to invest $15 million in specialized electronics materials production at its Waterford plant. The company is investing $40 million overall as part of its global transition from commodity basics chemicals to specialty silicones.
The Valence Group of Piper Sandler acted as financial advisor to Momentive Performance Materials.