Momentive Performance Materials filed for an initial public offering last week, and plans to raise $862.5 million, according to SEC filings. The size of the stake and IPO timing will be disclosed at a later date. The company was formed last fall when private equity firm Apollo Management merged its holdings in Hexion Specialty Chemicals and Momentive under the Momentive name. Momentive posted pro forma sales of $7.4 billion in revenues in 2010, up 27% from the prior year. Operating income was $533 million, up from $15 million in 2009. The combined posted a pro forma net loss of $188 million, compared with a net loss of $48 million in the year-ago quarter. Total debt was $7.2 billion at year-end 2010. Apollo owns 89.5% of Momentive, General Electric's GE Capital owns an 8.9% stake, and company management 1.8%. GE acquired its stake in Momentive as part of the 2006 sale of its sili- cones and quartz business to Apollo.
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