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Momentive announces that it has signed a non-binding Memorandum of Understanding (MOU) with Kanoria to form a joint venture that would construct a new phenolic specialty resins plant in India at Kanoria's existing production facility at Visakhapatnam, Andhra Pradesh.
In addition, under the agreement, for a cash consideration, Kanoria would transfer its currently existing manufacturing facility in Visakhapatnam to the proposed joint venture, while Momentive would provide technology supporting its specialty phenolic resins, formaldehyde and hexamine businesses, as well as its current business in India, to the joint venture. It is envisioned that both parties would have equal (50%) ownership of the joint venture. Under the MOU, the companies will work to identify and evaluate additional growth opportunities for specialty chemicals in such vertical markets as automotive, industrial and construction.The non-binding MOU is just a first step in the process of setting up the contemplated joint venture, outlining the main principles around which the joint venture should be structured. Although both parties are committed to further pursuing this transaction, at this time no assurances can be given that the envisaged transaction will eventually materialize.About Momentive:Momentive Performance Materials Holdings LLC is the ultimate parent company of Momentive Performance Materials Inc. and Momentive Specialty Chemicals Inc. Momentive is a global leader in specialty chemicals and materials, with a broad range of advanced specialty products. Its technology portfolio delivers tailored solutions to meet the diverse needs of its customers around the world. 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 Momentive Specialty Chemicals Inc. (formerly known as Hexion Specialty Chemicals, Inc.), and their respective subsidiaries and direct parent companies, remain separate. Momentive Performance Materials Inc. and Momentive Specialty Chemicals Inc. file separate financial and other reports with the Securities and Exchange Commission. Momentive is controlled by investment funds affiliated with Apollo Global Management, LLC.About Kanoria Chemicals & Industries Limited:Kanoria Chemicals & Industries Limited (KCI) is a leading manufacturer of chemical intermediates in India. KCI is a major player in organic chemicals with manufacturing facilities at Ankleshwar in the state of Gujarat, which manufactures alcohol and alcohol based intermediates; and at Visakhapatnam in the state of Andhra Pradesh, which manufactures Formaldehyde and Hexamine. KCI enjoys leadership position in India for Pentaerythritol, Formaldehyde and Hexamine. The company has diversified in the renewable energy sector and has set up a 5 MW grid-interactive solar power plant near Jodhpur in the state of Rajasthan. KCI has strong corporate governance and social responsibility practices that have been widely recognized and have won the company several awards.More information: www.momentive.com