FOR IMMEDIATE RELEASE
Hexion Holdings LLC To Open
New Business & Technology Centre in Bangalore, India
Will Serve As Regional Business Headquarters & Global R&D Centre
Bangalore, India (June 29, 2011) - Hexion Holdings LLC, a global leader in specialty chemicals and materials, announced today that its subsidiaries, Momentive Performance Materials and Momentive Specialty Chemicals, will open a new regional business headquarters and state of the art Global Research and Development Centre in Bangalore, India.
The new facility will be located on a 2-acre plot in the second phase of Bangalore’s “Electronic City” and will initially house 125 associates. Research scientists based at the facility will work on new technology platforms and product development for new and existing applications in diverse industry segments including personal care, energy, healthcare, electronics, automotive, and construction. In addition, the centre will serve as Momentive’s regional headquarters and will house its commercial and business support functions. Completion of the centre, already under construction, is anticipated for the first quarter of 2012. The Bangalore facility will be a key addition to Momentive’s global network of research and development centres located in key regions to drive innovation for customers.
“This new regional headquarters and research centre represents an important step in our continuing investment in India and demonstrates our commitment to customers in the region,” said Craig O. Morrison, Momentive Chairman & CEO, who is in Bangalore for meeting with customers, governmental officials and the local Momentive team. “India’s world class technical talent, growing demand for new applications based on our products, and strong regional growth opportunities combine to make this a compelling investment opportunity to fuel and support growth.”
Momentive currently has its regional headquarters in Bangalore and manufacturing and warehousing operations in Chennai. India represents one of the fastest-growing regions for Momentive, said Morrison, and is projected to be a key growth area for the company in the future.
Dr Eric Thaler, Chief Technology Officer for Momentive Performance Materials, said: "We are excited that we will be able to provide a world class facility for our scientists here in Bangalore. They are driving tremendous value for our customers through product innovation and new advanced technology platforms, and this new center will help us attract and retain the top talent needed to continue and accelerate these efforts.”
“Momentive will carry forward its legacy of continuing to grow, expand and invest in India to support our customers,” said V P Nalian, Momentive’s Managing Director for India. “We are excited about this new global centre as we believe that combining global technology with local fulfillment is the best way we can support our customers’ success.”
Hexion Holdings LLC is the ultimate parent company of Momentive Performance Materials Inc. and Hexion Inc. (collectively, the “new Momentive”). The new Momentive is a global leader in specialty chemicals and materials, with a broad range of advanced specialty products that help industrial and consumer companies support and improve everyday life. The company uses its technology portfolio to deliver tailored solutions to meet the diverse needs of its customers around the world. The new Momentive was formed in October 2010 through the combination of entities that indirectly owned Momentive Performance Materials Inc. and Hexion Specialty Chemicals Inc. The capital structures and legal entity structures of both Momentive Performance Materials Inc. and Hexion Inc. (formerly known as Hexion Specialty Chemicals, Inc.), and their respective subsidiaries and direct parent companies, remain separate. Momentive Performance Materials Inc. and Hexion Inc. file separate financial and other reports with the Securities and Exchange Commission. The new Momentive is controlled by investment funds affiliated with Apollo Global Management, LLC. Additional information about the new Momentive and its products is available at www.momentive.com.
Forward-Looking and Cautionary Statements
Certain statements included in this press release constitute forward-looking statements within the meaning of and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition, our management may from time to time make oral forward-looking statements. All statements other than statements of historical facts are statements that could be forward-looking statements. Forward-looking statements may be identified by the words “believe,” “expect,” “anticipate,” “project,” “plan,” “estimate,” “will” or “intend” and similar words or expressions. These forward-looking statements reflect our current views with respect to future events and are based on currently available financial, economic and competitive data and our current business plans. Actual results could vary materially depending on risks and uncertainties that may affect our operations, markets, services, prices and other factors. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: our substantial leverage; limitations in operating our business contained in the documents governing our indebtedness, including the restrictive covenants contained therein; weak or deteriorating global economic conditions; the effects of the earthquake and tsunami in Japan on March 11, 2011 and related events, difficulties with the integration process or realization of benefits in connection with the transactions with our affiliate, Hexion Inc., including the shared services agreement. For a more detailed discussion of these and other risk factors, see our Annual Report on Form 10-K for the fiscal year ended December 31, 2010 and our other filings with the Securities and Exchange Commission. All forward-looking statements are expressly qualified in their entirety by this cautionary notice. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.