Seoul-based chemicals manufacturer KCC Corporation is to acquire all the remaining shares in US subsidiary Momentive Performance Materials.
The move follows the exit of minority shareholder SJL Partners, a private equity investment management firm also based in Seoul, Korea.
In 2019, KCC acquired MOM Holding Co., the parent company of Momentive, for $3.1 billion and upped its stake in Momentive Performance Materials to 60% in 2021.
"We're excited by the opportunities KCC's 100% ownership position will bring to Momentive and the broader KCC Corporation," said Momentive president and CEO Sam Conzone.
"We look forward to continuing and expanding our partnership with the exceptional teams at KCC to continue providing specialized products to enable Solutions for a Sustainable World,” he added.
Mong Jin Chung, chairman of KCC Group and Momentive, added: "Momentive has a 75-year track record of developing and manufacturing silicones and speciality solutions.
“We deeply believe in the company's growth opportunity as it continues to help businesses across the world delight their customers with innovative solutions."
The anticipated purchase remains subject to customary closing conditions.
