Malta Development Blog

Profiles in the Economy: Momentive Performance Materials, Inc.

[fa icon="calendar"] Oct 9, 2014 9:32:14 AM / by Malta Development

Employing 1,272 locally, Momentive Performance Materials is a global leader in silicones and advanced materials.

 

They have been based in Waterford, NY since 2006, manufacturing science-based technological solutions to support and improve life. Currently involved in a restructuring, the company continues to produce a variety of products -- from molding compounds to silicone-based adhesives, from wax products to wood adhesives.

 

According to the Albany Business Review, no layoffs are planned as a result of the planned restructuring. They will remain as the area’s fourth largest employer. Their 2012 annual revenue was $2.36 billion.

 

The firm originally began 70 years ago as General Electric’s advanced-materials unit in Connecticut; the unit evolved from GE's plastic business and produced additives for products ranging from lipstick to circuit boards. Sold in 2006 to Apollo Management for $3.8 billion, Momentive now makes silicone products used in caulk, adhesive labels, foam products, cosmetics and tires. It also develops and manufactures products from quartz for semiconductor and ceramics use. The company employs 4,600 nationally. GE retains a 10% share of the company.

 

Its current parent company, Momentive Performance Materials Holdings, has annual revenue of $7.11 billion, employs 10,000 worldwide,and is Number 49 on Forbes list of America’s Largest Private Companies.

 

In June 2014, Momentive opened an autoglazing pilot coating facility in Leverkusen, Germany.

 

Momentive Performance Materials is located on Hudson River Road in Waterford, NY, about ten miles north of Albany. It is the largest employer in town.

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