Momentive Performance Materials Inc. Overview
Momentive is one of the world's largest producers of silicones and silicone derivatives and, within its parent KCC, forms the core of a vertically integrated silicone platform ranked roughly fourth globally behind Shin-Etsu, Wacker and Dow (Korean sell-side characterisation). Born from GE's 1940s silicone franchise, the company has spent the past decade repositioning from commodity siloxane production toward specialty materials: it exited Leverkusen siloxane production (2016), sold the GE-branded consumer sealants business to Henkel and phased out basic chemicals production at Waterford (2020–2022), and divested its quartz and ceramics business (2020). Its portfolio spans performance additives (silanes, polyurethane additives, coating additives), specialty fluids, elastomers (LSR, HCR), electronic and thermal materials, personal-care ingredients and construction sealants. Under 100% KCC ownership since May 2024 and a new leadership team appointed in 2025–2026, Momentive is pursuing margin recovery after the 2023 silicone downturn, digitisation, and "in-region-for-region" manufacturing, with more than 35% of silicone-segment sales generated in the United States.
Company self-description
Momentive describes itself in recent press releases as a premier global advanced-materials company focused on silicone and specialty products, whose technologies are used in agriculture, automotive, aerospace, electronics, personal care, consumer products, and building and construction, and whose stated purpose is enabling "Solutions for a Sustainable World". Its corporate boilerplate (June 2026) identifies it as an indirect wholly owned subsidiary of KCC Corporation and one of the world's largest producers of silicone and silicone derivatives. The Singapore holding entity's registry description adds that the business offers basic siloxane polymers, an additive portfolio including silanes, specialty fluids and urethane additives, and formulated products including elastomers and coatings.
Independent characterisation
Momentive is a mid-stream, partially integrated specialty chemicals manufacturer. Upstream, silicone value chains begin with silicon metal, which is converted to methylchlorosilanes (MCS) and then to siloxane intermediates (notably DMC — dimethylcyclosiloxane). Historically Momentive ran MCS/siloxane production in Waterford (NY), Leverkusen (Germany) and Ohta (Japan) plus a China JV; it has progressively shut or reduced Western basic production and now sources intermediates from KCC's integrated Korean operations, other Momentive sites and long-term third-party contracts. Downstream, it formulates and compounds intermediates into thousands of specialty grades sold B2B.
Business model: almost entirely product sales (B2B, industrial). There is no meaningful subscription or licensing revenue disclosed. Technical service and application development (application centres in the US, UK, Italy, India, Thailand etc.) is bundled into product pricing. Distribution partners (Brenntag in Indonesia, Vietnam, Philippines; TER Chemicals in Europe for personal care) supplement direct sales.
Value-chain position: Intermediates → specialty formulations. Momentive's competitive advantage lies in formulation know-how, application engineering and a large patent estate, rather than upstream cost leadership (where Chinese integrated producers such as Hoshine, Dongyue and Xingfa have structural advantages).
Customer types: OEMs and Tier-1 suppliers (automotive, electronics, aerospace), polyurethane foam producers, tyre and rubber compounders (sulphur silanes), coatings/adhesives/sealants formulators, personal-care and cosmetics brands, agrochemical formulators (adjuvants), construction glazing and curtain-wall contractors, medical-device moulders (LSR), and energy/utility equipment makers.
End markets served (company-listed): agriculture, automotive/transportation (including EV thermal management), aerospace, electronics and semiconductors, data-centre thermal management, personal care and cosmetics, consumer products (including memory-foam mattresses via PU additives), building and construction, healthcare, telecommunications and energy.
Strategy
Stated strategic themes
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Specialty over commodity. Since 2016, management has explicitly shifted resources from basic chemicals toward specialty silicones (Leverkusen exit, Waterford basics exit, Henkel consumer sale). The 2020 chairman's statement emphasised focusing resources on the specialty side of the business.
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"Solutions for a Sustainable World". Sustainability-framed innovation: biobased cosmetic ingredients (Harmonie), green-tyre silanes (NXT), PU additives enabling energy-efficient insulation.
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"In region, for region". Manufacturing close to customers — Termoli (Europe), Rayong (SE Asia), Hungpai JV (Asia silanes), Chennai (India/Middle East).
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Integration with KCC. Leveraging KCC's integrated Korean upstream (silicon metal → MCS → DMC) for intermediate supply, moving from a "private equity mindset" to long-term strategic ownership (CEO statement, May 2024).
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Innovation and digitisation (CEO Borkowski, May 2025).
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Commercial excellence — 2026 hiring of a CCO from Elkem and CMO from Dow to drive disciplined go-to-market and "profitable growth".
Medium-term financial targets
Momentive publishes no guidance. KCC management stated an operating-profit target of ~KRW 1 trillion (more than double the 2024 record) alongside a PBR >1.0x ambition (Hana, Jul 2025; target year not visible in source — flag). Sell-side expects silicone OP of KRW 126bn in 2026 and KRW 203bn in 2027 (Hana, Aug 2026); Sateconomy cites a ~KRW 95bn 2026 silicone OP view.
Products & Services
Note: Momentive markets thousands of grades. Pricing is not publicly disclosed for any line (industrial B2B, negotiated pricing). Launch years are given only where disclosed.
Services
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Application development centres: Abingdon UK (BPC, opened Oct 2024), Chennai India (application development), others in US/Asia.
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Customer service centres: Milan, Italy (2020).
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Technical formulation support delivered jointly with distributors (Brenntag CASE, TER Chemicals BPC Europe).
Divested lines (no longer in portfolio)
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Consumer sealants (GE-licensed DIY caulks) — sold to Henkel, closed 3 Nov 2020.
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Fused quartz and specialty ceramics — divested 1 Jan 2020 (now Momentive Technologies, controlled by SJL/Wonik).
Product Portfolio
| Brand / product | Description & capabilities | Target customers | Launch / latest | Notes |
|---|---|---|---|---|
Silquest silanes | Organofunctional silanes used as coupling agents, adhesion promoters, crosslinkers and surface modifiers | Coatings, adhesives, sealants, composites, rubber | Legacy; distributed by Brenntag in SE Asia (2025) | Flagship additive brand |
NXT silanes | Sulphur-based silanes for "green tyre" silica-filled rubber, reducing rolling resistance | Tyre makers | Legacy; featured as "Momentive NXT Silanes: Delivering Sustainable Solutions" | Competes with Evonik Si 69/Si 266*; Hungpai JV adds Asian sulphur-silane capacity |
Niax polyurethane additives | Silicone surfactants, catalysts and processing additives for flexible slabstock, moulded and rigid PU foam | Foam producers (mattresses, furniture, automotive seating, insulation) | Termoli hub expansion (ramp-up mid-2022); pilot-scale machine announced 2024 | Production at Sistersville WV, Termoli, Itatiba, Nantong, Chennai |
CoatOSil additives | Silicone additives for coatings (flow, levelling, slip, wetting, defoaming) | Paint & coatings formulators | Distributed via Brenntag CASE (2025) | — |
Silwet* | Organosilicone agricultural adjuvants (super-spreaders) | Agrochemical formulators | Legacy | Supports "sustainable farming" positioning |
Specialty fluids (Element14 PDMS*, SF/TSF fluids*) | Polydimethylsiloxane and modified fluids | Industrial, personal care, textiles, release | Legacy | — |
SPUR+ * | Silylated polyurethane prepolymers for hybrid sealants/adhesives | Sealant & adhesive formulators | Legacy | — |
| Brand / product | Description | Target customers | Notes |
|---|---|---|---|
Silopren LSR / LIM* | Liquid silicone rubber for injection moulding; medical, baby-care, automotive and electrical grades | Moulders, medical-device makers, auto Tier-1s | Company highlights LSR for healthcare and telecom |
Addisil HCR* | High-consistency rubber for extrusion/moulding, cable, automotive hoses | Rubber processors | — |
GE-branded construction sealants (SilPruf, UltraGlaze, SCS series*) | Structural glazing, weather-seal and curtain-wall silicone sealants (sold under GE license) | Glazing contractors, façade engineers | Retained after 2020 Henkel sale of consumer line |
RTV silicones (TSE/RTV series*) | Room-temperature-vulcanising adhesives, encapsulants, potting | Electronics, appliances, industrial | — |
Silicone hardcoats (AS/SHP series*) | Abrasion-resistant coatings for polycarbonate glazing, headlamps | Automotive lighting, glazing | — |
Silicone resins & coatings (Baysilone* / SilForce release coatings*) | Paper/film release coatings, heat-resistant resins | Label & tape converters, coatings | — |
| Product family | Description | Target customers | Notes |
|---|---|---|---|
Thermal interface materials (SilCool*) | Thermally conductive gels, gap fillers, greases and adhesives | EV battery packs, power electronics, data-centre hardware | IDTechEx tracks Momentive in TIM, data-centre and EV thermal reports (2025) |
Optical / LED silicones (InvisiSil*) | High-refractive-index encapsulants and lenses | LED packagers, optics | One trade-research ranking places Momentive #2 in LED silicones (2024: ~USD 410m, 13.2% share) — low-reliability source, unverified |
Advanced electronic materials (Waterford) | Specialty materials from USD 15m Waterford line (online mid-2021) | Semiconductors, high-tech | — |
| Brand / product | Description | Launch | Notes |
|---|---|---|---|
Harmonie NatuVel gel | 100% biobased elastomer gel for skin care, sun care and colour cosmetics | Apr 2025 (in-cosmetics Global, Amsterdam) | Reported to have won eight awards since launch |
Harmonie NatuDerma | Natural-origin emollient | Apr 2026 (in-cosmetics Global, Paris) | — |
Velvesil / SilSense / SF elastomer blends* | Silicone elastomers, emulsions, conditioning agents for hair and skin | Legacy | — |
Tospearl* | Spherical silicone resin powders for soft-focus effects | Legacy | — |
Financial Narrative
Disclosure reality
Momentive has not published standalone financial statements since FY2018 (last 10-K filed by MPM Holdings in early 2019). Therefore gross profit, EBITDA, pre-tax income, net income, EPS, dividends, balance sheet, cash flow and ratio data for Momentive standalone in FY2021–FY2025 are not publicly disclosed. The best available proxies are (a) KCC's Silicone segment revenue and operating income, and (b) KCC consolidated financials (the parent that carries Momentive's acquisition debt).
Proxy income statement — KCC Silicone segment
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Revenue CAGR FY2022–FY2025: −6.1% per year (analyst calculation).
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Illustrative USD scale (not reported): FY2025 segment revenue of KRW 3,067bn ≈ USD 2.1–2.3bn at KRW 1,350–1,450/USD. Conversion is illustrative only.
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Gross profit, EBITDA, pre-tax income, net income, EPS, DPS: not publicly disclosed at segment level. Hana's Jul 2025 sum-of-parts used segment D&A of ~KRW 234.6bn for 2025E, implying silicone EBITDA of roughly KRW 340bn (estimate, not reported).
Parent context — KCC Corporation consolidated: notes and sources
Sources: aggregator summary of KCC filings (butler.works); Sidae Ilbo (FY2024 revenue KRW 6,659bn); Hana (OP). FY2025 net income of ~KRW 1.5 trillion is heavily inflated by fair-value gains on listed equity stakes (Samsung C&T, HD Korea Shipbuilding & Offshore), not operating performance.
Legacy standalone financials: notes and sources
Source: MPM Q4/FY2018 earnings release (8-K): FY2018 net sales USD 2.7bn (+16%), Segment EBITDA USD 400m (+37%), margin 14.8% (+220bp). FY2017 figures are back-calculated from the stated growth rates (analyst derivation; consistent with legacy filings). Quarterly 2018 net sales: Q1 657, Q2 704, Q3 687, Q4 657 (USD M). Net leverage fell from 3.7x (Q1 2018) to 2.8x (Q3 2018).
Commentary on trends and inflections
2021–2022 boom. The silicone segment earned ~KRW 262bn in each of 2021 and 2022, reflecting the post-COVID global silicone price spike, tight Chinese supply and strong specialty demand. This was the high-water mark of Momentive's earnings under Korean ownership.
2023 collapse. Revenue fell ~20% and the segment swung to a KRW 83bn operating loss as Chinese capacity additions flooded commodity siloxane markets and destocking hit industrial demand. Kiwoom's 2024 analysis attributed part of the pain to high-cost inventory ("loss-making inventory") working through the P&L.
2024–2025 grind-back. Margins recovered only to ~2.4–2.6%. Sell-side forecasts repeatedly overshot: Hana projected FY2025 silicone OP of KRW 152.6bn (Feb 2025) and 180.9bn (Aug 2025), but the outturn was 81.1bn after a weak 3Q25 and a small 4Q25 loss. 2Q25 (OP ~KRW 41bn, 5.1% margin) showed what pricing plus cheap silicon metal could deliver.
2026 inflection. 1Q26 was near break-even (KRW 2.6bn), squeezed by raw-material cost spikes associated with the H1 2026 Strait of Hormuz disruption. 2Q26 rebounded to ~KRW 37bn on revenue up ~11% YoY, which KCC attributed to higher sales of high-value-added products. Supply-side rationalisation (Dow's planned closure of its Barry, UK DMC plant in 2H26; Elkem's sale of its silicones division to Bluestar; Chinese output cuts) underpins consensus expectations of further margin recovery.
Financial Detail
Business Units
| Business unit (as referenced) | Contents | Evidence |
|---|---|---|
Performance Additives | Silanes (Silquest, NXT), polyurethane additives (Niax), coatings additives (CoatOSil), agricultural adjuvants (Silwet), specialty fluids | VP Nalian, President & GM Performance Additives (2020–2025 releases) |
Electronic / Advanced Materials | Electronic materials, thermal interface materials, encapsulants, LED/optical silicones | USD 15m Waterford advanced electronic materials investment (2020); Borkowski's prior role as VP Global Electronic Materials |
Formulated / Specialty Silicones | Elastomers (LSR, HCR), sealants & adhesives (incl. GE-branded construction sealants), coatings, hardcoats | Legacy "Formulated and Basic Silicones" segment |
Beauty & Personal Care | Silicone and natural-origin ingredients (Harmonie, Velvesil, SilSense) | Abingdon centre; TER Chemicals distribution |
Basic silicones / intermediates | Siloxane polymers and intermediates (increasingly sourced from KCC Korea) | Registry description; Waterford exit |
Revenue by Segment and Segment Margins & Growth (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Silicone segment revenue (KRW Bn) | 3,709.1 | 2,952.4 | 2,995.3 | 3,067.1 |
Silicone segment operating income (KRW Bn) | 261.5 | -83.3 | 73.0 | 81.1 |
Operating margin (%) | 7.1 | -2.8 | 2.4 | 2.6 |
YoY revenue growth (%) | 0 | -20.4 | 1.5 | 2.4 |
Share of KCC consolidated revenue (%) | 54.5 | 46.9 | 45.0 | 47.3 |
Results by Segment
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
Silicone segment operating income (KRW Bn) | 12.7 | 262.9 | 261.5 | -83.2 | 73.0 | 81.1 |
Segment Revenue
| Metric | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 | 2Q26 |
|---|---|---|---|---|---|---|
Silicone revenue (KRW Bn) | 774.1 | 796.8 | 749.1 | 747.2 | 806.1 | 890.8 |
Silicone operating income (KRW Bn) | 20.6 | 40.9 | 21.4 | -1.8 | 2.6 | 37.0 |
Operating margin (%) | 2.7 | 5.1 | 2.9 | -0.2 | 0.3 | 4.2 |
Income Statement and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating income (KRW Bn) | 262.9 | 261.5 | -83.2 | 73.0 | 81.1 |
Metric | FY2022 | FY2023 | FY2024 | FY2025 | |
Revenue (KRW Bn) | 3,709.1 | 2,952.4 | 2,995.3 | 3,067.1 | |
Operating margin (%) | 7.1 | -2.8 | 2.4 | 2.6 |
Income Statement and Margin Analysis (%) — Revenue
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (KRW Bn, rounded) | 5,900 | 6,800 | 6,300 | 6,659 | 6,484 |
Operating income (KRW Bn) | 388.8 | 467.7 | 312.5 | 471.1 | 427.6 |
Net income (KRW Bn, rounded) | -53.2 | 28.7 | 92.5 | 293.3 | 1,500 |
Operating margin (%) | 6.6 | 6.9 | 5.0 | 7.1 | 6.6 |
Income Statement and Margin Analysis (%) (FY2017–FY2018)
| Metric | FY2017 | FY2018 |
|---|---|---|
Net sales (USD Mn) | 2,331 | 2,700 |
Segment EBITDA (USD Mn) | 292 | 400 |
Segment EBITDA margin (%) | 12.6 | 14.8 |
Financial Analysis
| Item | Status |
|---|---|
Total assets, cash, total debt (ST/LT), net debt, equity, goodwill & intangibles, working capital | Not publicly disclosed (Momentive standalone) |
Operating cash flow, capex, FCF, dividends paid, buybacks | Not publicly disclosed |
ROE, ROA, ROIC, current ratio, D/E, net debt/EBITDA, interest coverage, asset turnover, CCC | Not publicly disclosed |
Parent net debt (KCC, end-2025 estimate) | ~KRW 3,694bn (Hana Securities, Jul 2025 estimate) |
Parent intangible assets | ~KRW 1.2–1.3 trillion range in IBK forecasts (FY2023–FY2027E), largely Momentive-related |
Parent interest burden | Hana notes KCC's interest coverage, ~10x in 2015, fell sharply after the Momentive acquisition debt; management targets debt reduction using listed equity stakes (e.g., exchangeable bonds on HD Korea Shipbuilding shares) and estimated up to ~KRW 100bn annual interest savings |
Geographic Revenue
| Indicator | Value | Source |
|---|---|---|
Share of KCC silicone sales generated in the United States |
| Hana Securities (Apr/May 2025) — cited as insulation against tariff risk |
KCC overseas sales/production share |
| Secondary aggregator (lower reliability) |
KCC domestic (Korea) share of revenue | ~62% of FY2024 group sales (claimed) | Low-reliability aggregator — conflicts with the >50% overseas claim; treat as unverified |
Region Overview
| Region | Momentive presence | Direction (2024–2026) | Drivers |
|---|---|---|---|
North America | Largest single market (>35% of segment sales); HQ, Waterford, Sistersville | Stable to growing | Data-centre and semiconductor construction, EV thermal management, reshoring; tariff shelter from US production |
Europe | Leverkusen (specialty), Termoli, UK (Basildon* ex-KCC), Abingdon BPC centre, Milan service centre | Weak volumes, improving supply balance | Weak industrial/construction demand; Dow Barry DMC closure and Elkem divestment tightening supply |
Asia-Pacific | Korea (ex-KCC Silicone), China (Nantong; sales ops), Japan (Ohta*), India (Chennai), Thailand (Rayong ×2), Singapore holding | Growth focus | "In-region-for-region" investments; Hungpai silanes JV; Brenntag SE Asia distribution; Chinese oversupply depresses pricing |
Latin America | Itatiba, Brazil | Not disclosed | PU additives, agriculture |
Capital Markets
| Item | Value | Source / date | |||
|---|---|---|---|---|---|
Share price | ~KRW 432,000 (5 Aug 2026, +~9% on day); KRW 464,000 in a later aggregator snapshot | Money Today; butler.works | |||
Market capitalisation | ~KRW 3.99tn | butler.works (date unverified) | |||
P/B | ~0.36x (aggregator); ~0.90x (alphadistill coverage) — conflict | Aggregators | |||
P/E | ~1.1x trailing (distorted by equity-stake fair-value gains) | butler.works | |||
Dividend | Quarterly cash dividend of KRW 1,000/share declared 16 Jul (year likely 2026); dividend yield ~3.2% | MarketScreener; butler.works | |||
Treasury shares | ~14.4% | butler.works | |||
Analyst target price consensus | ~KRW 689,833 (7 brokers) | butler.works | |||
Sell-side silicone valuation | 7.0–7.9x EV/EBITDA (peer average of Shin-Etsu/Wacker) | Hana (Jul 2025); Kiwoom (Nov 2025) | |||
Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
KCC operating income (KRW Bn) | 388.8 | 467.7 | 312.5 | 471.1 | 427.6 |
Analyst Conclusions
Guidance and consensus
Source: Hana Securities (6 Aug 2026). Management guidance: none published by Momentive.
Bull case
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Supply-side tailwind: Western capacity exits (Dow Barry, Elkem's sale) and Chinese curbs restore pricing power; 2Q26 margin of 4.2% is an early signal.
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Mix upgrade: Specialty growth in thermal materials, electronics and BPC could lift margins toward the 7% achieved in 2022.
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Commercial reset: New CEO/CCO/CMO with Dow and Elkem pedigrees may close the margin gap with Wacker.
Bear case
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Persistent Chinese overcapacity keeps commodity siloxane prices depressed, capping margins at 2–3% as in 2024–2025.
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Cost shocks (energy, raw materials, geopolitics) repeatedly erase recovery, as in 1Q26.
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Execution risk from leadership churn and possible restructuring amid integration with KCC.
Catalysts and monitorables (next 12 months)
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KCC 3Q26 results (expected ~Nov 2026): Hana forecasts silicone OP ~KRW 42bn.
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Dow Barry DMC closure timing (2H26).
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Closing and start-up of Hungpai silanes JV.
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Bluestar–Elkem integration and pricing behaviour.
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Any announced restructuring/headcount programme at Momentive.
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KCC deleveraging actions and interest-cost reduction.
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Raw-material and freight costs tied to Middle East shipping.
Analyst verdict
Momentive is best understood today not as a public company but as the operating heart of KCC Corporation's bet on silicones — a bet that has so far underdelivered relative to its USD 3.1bn price tag. The franchise is real: GE-heritage brands, a broad specialty portfolio, a sizeable US manufacturing base, and the ability to earn substantial profits when the market is tight, as 2018 (USD 400m Segment EBITDA) and 2021–2022 (≈KRW 262bn operating profit per year) demonstrated. But the business remains highly geared to the commodity siloxane cycle, and the 2023–2025 downturn exposed margins that are thin by peer standards — roughly 2–3% at the operating line versus double-digit EBITDA margins at Wacker in good quarters.
The setup into 2027 is the most constructive in four years. Supply is genuinely leaving the market in the West, a major competitor is changing hands, and Momentive's 2Q26 results showed that price and mix can still move earnings quickly. Management has been refreshed with commercially oriented leaders from Dow and Elkem, signalling that KCC wants pricing discipline and product-launch execution rather than further footprint surgery. The Hungpai joint venture and Southeast Asian distribution expansion extend the "in-region-for-region" model sensibly.
The key uncertainties are execution and exogenous costs. Sell-side forecasts have repeatedly been too optimistic, and 1Q26 showed how a raw-material shock can erase a quarter's profit. Opacity is also a real cost: without standalone disclosure, outside stakeholders cannot assess Momentive's cash generation or balance-sheet resilience.
Verdict: a cyclical recovery story with improving supply fundamentals and credible specialty assets, but one where investors (via KCC) should demand evidence of sustained margins above ~5% before underwriting the bull case. Positive bias, medium conviction, high dependence on industry pricing.
Sources consulted (primary and secondary)
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Momentive press releases: momentive.com (CEO appointment May 2025; CCO Apr 2026; CMO Jun 2026; KCC full acquisition Mar/May 2024; KCC silicones acquisition Jan 2021; Henkel sale Aug/Nov 2020; Waterford transition Aug 2020; Termoli Nov 2020; Rayong Feb 2023; Hungpai JV Feb 2025; Harmonie NatuVel Apr 2025)
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SEC EDGAR: MPM Holdings / Momentive Performance Materials 10-K FY2014, FY2015, FY2017, FY2018; 8-K Q3 2016; 2018 quarterly results (via last10k.com)
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Hana Securities KCC reports (10 Feb 2025; 8 May 2025; 14 Jul 2025; 5 Aug 2025; 6 Aug 2026); Kiwoom Securities (25 Jun 2024; 7 Nov 2025); IBK Securities (22 Jan 2025)
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Korean press: Money Today (5 Aug 2026); Sateconomy (1 Sep 2026); Sidae Ilbo (Jan 2026); Dealsite (May 2024, May 2025); Herald Corp; FN News
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Trade press: European Rubber Journal; Daily Gazette; SpecialChem; Chemical Engineering; European Coatings; PUdaily; Freedonia; Plasticker
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Competitor data: Wacker Chemie press releases (Q2, Q3 2025); Elkem Q4 2025 release; Quartr/TipRanks summaries
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Registries/aggregators: UN Global Compact; RecordOwl (ACRA); CB Insights; MarketScreener; butler.works; alphadistill; Wikipedia (Momentive)
Executive Leadership
Executive Leadership Team
| Name | Title | Since | Prior roles / background | Education / age | Compensation |
|---|---|---|---|---|---|
Craig Borkowski | Chief Executive Officer | 16 Jun 2025 | Joined Momentive 2010 as Global Marketing Director, Electronic Materials; led optical materials in Seoul; VP Global Electronic Materials; Chief Strategy Officer before leaving in 2020; later executive roles at Info-gel LLC, Terra/Tera Sound LLC and Henkel | Not disclosed | Not publicly disclosed |
Bob Waitt | Chief Commercial Officer | 27 Apr 2026 | ~12 years in leadership roles at Elkem ASA Silicones Division (global sales) | Not disclosed | Not publicly disclosed |
Jim Knaub | Chief Marketing Officer | 1 Jun 2026 | 24+ years at Dow in product marketing and go-to-market leadership | Not disclosed | Not publicly disclosed |
VP Nalian | President & GM, Performance Additives | At least 2020–2025 | Led Termoli, Rayong and Hungpai initiatives | Not disclosed | Not publicly disclosed |
Amy Bianchi | SVP & Chief Human Resources Officer | — | Joined 2011; VP Global Talent Management & Org Design | Not disclosed | Not publicly disclosed |
Joseph Bruderek | VP Corporate Development & Strategy | — | Led KCC silicones integration | Not disclosed | Not publicly disclosed |
Chief Financial Officer | — | — | Not publicly disclosed in sources reviewed | — | — |
Leadership History
| CEO | Tenure | Exit context |
|---|---|---|
Jonathan Rich | ~2007–2010* | Succeeded Wayne Hewett; ex-GE Silicones/Goodyear |
Craig O. Morrison | c. 2010–2014* | Led Chennai expansion; era of Hexion common holding |
John (Jack) Boss | Oct 2014 (interim) / Dec 2014 – Mar 2020 | Led bankruptcy emergence and sale to Korean consortium; retired |
Sam Conzone, Ph.D. | Apr 2020 – Jun 2025 | Led Henkel sale, Waterford transition, KCC silicones merger and KCC's 100% buyout; departure terms not disclosed |
Craig Borkowski | Jun 2025 – present | Mandate: innovation and digitisation with KCC support |
Competitive Landscape
Key Competitors
| Competitor | HQ | Overlap with Momentive | Notes |
|---|---|---|---|
Dow (Consumer Solutions / Silicones) | USA | Full silicone value chain; construction sealants; LSR; TIMs | Closing Barry, UK DMC plant 2H26 |
Wacker Chemie (Silicones division) | Germany | Full range; LSR, fluids, construction | New Karlovy Vary (Czech) specialty plant; Zhangjiagang expansion |
Shin-Etsu Chemical | Japan | Electronics/semiconductor silicones, fluids, LSR | Cost and quality leader in Japanese electronics |
Elkem Silicones (→ Bluestar) | Norway/China | Integrated silicones; LSR; specialty | Being sold to Bluestar (2026) |
Hoshine Silicon | China | Commodity siloxanes, DMC | Cost leader; capacity overhang |
Dongyue Group | China | Siloxanes, fluorosilicones | Chinese supply |
Hubei Xingfa / Zhejiang Xin'an | China | Siloxanes, silanes | Chinese supply |
Evonik | Germany | Silanes (tyre and organofunctional), PU additives (Tegostab vs Niax) | Main rival in Performance Additives |
Gelest (Mitsubishi Chemical) | USA/Japan | Specialty silanes and silicones | Niche |
Jiangxi Hungpai | China | Sulphur silanes | Now JV partner |
Henkel | Germany | Sealants/adhesives (GE consumer line now Henkel) | Partner and competitor |
3M / Parker (thermal materials) | USA | Thermal interface materials | Adjacent in EV/data-centre TIMs |
Peer Comparison FY2025
| Metric | Momentive (KCC Silicone segment) | Wacker Silicones | Elkem Silicones | Dow / Shin-Etsu |
|---|---|---|---|---|
Latest annual revenue | KRW 3,067.1bn (FY2025) ≈ USD 2.1–2.3bn (illustrative) | Q2 2025 €713m; Q3 2025 €673m (annual run-rate ~€2.7–2.9bn) | Q1 2025 ~NOK 3.8bn quarter | — |
Growth | FY2025 +2.4% | Q3 2025 −7% YoY (€727m → €673m) | Q4 2025 operating income −14% YoY | — |
Margin | OP margin 2.6% (FY2025); 4.2% (2Q26) | EBITDA margin 15.4% (Q2 2025), 8.9% (Q3 2025) | EBITDA NOK 201m (Q1 2025), 248m (Q3), 399m (Q4 2025) | — |
R&D intensity | Not disclosed | Group-level only | Not disclosed | — |
Recent Developments
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