Momentive announces plans to build technology center and global headquarters

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Jonathan D. Rich, President and CEO for Momentive Performance Materials Inc., announced plans to build a state-of-the-art Technology Center and Global Headquarters in Rensselaer County, NY. Plans are already underway to relocate the Company's headquarters to the Capital District beginning August 1, 2008. The new facilities will employ 250 people with a total annual payroll of approximately $38 million. One hundred fifty of these jobs are new to the Capital Region.

"We strive to make our customers successful," explains Rich. "To continue to meet and exceed our customers' needs, we need a world-class Technology Center for our top-notch talent to design and develop innovative products in order to compete in this highly competitive industry." Momentive currently has multiple Research and Development Centers globally, including a 60-year-old center at Waterford.

"In these difficult economic times, New York needs to make smart investments that create jobs and help improve the local economy. This does both," said Governor David A. Paterson. "We are delighted that Momentive is moving their Global Headquarters to the Capital Region, and I want to thank Joseph Bruno and Assembly Majority Leader Ron Canestrari for their efforts. With its high quality of life and educated work-force, Upstate New York is well suited for business, and I am quite sure that Momentive will be very happy with this move."

Construction of the world-class Technology Center is expected to begin in 2009 and will result in approximately 150 construction-related jobs. The Technology Center will cost approximately $65 million and will employ 130 people. The Company's global headquarters building will be constructed following completion of the Technology Center at a cost of approximately $16 million. The headquarters will employ 120 people. The Company has not finalized the site of the new facilities, but has narrowed the field to several locations in Rensselaer County. The Company expects to make the final decision shortly.

"I would like to thank Senator Joseph Bruno and the New York State Senate for providing the assistance that made this project a reality for New York and the Capital Region," Rich said. "I also want to thank Assemblyman Ron Canestrari who, along with Senator Bruno, sponsored legislation that will ensure that Momentive's Waterford plant receives the available Empire Zone benefits."