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Waterford, July 14: : and will include staff from Wilton, CT; Waterford, NY and other locations throughout the United States. Momentive's President and CEO Jonathan Rich is relocating to the Capital Region.
Momentive will receive grants and tax incentives from New York State and Rensselaer County as follows:
-- $6.5 million in capital grants for construction of the headquarters and technology center and for existing infrastructure upgrades at Momentive's Waterford plant
-- Real estate tax reductions over ten years related to the new facilities
"As a worldwide leader in the production of silicone products, Momentive's decision to relocate its world headquarters to Rensselaer County once again demonstrates how appealing the Capital Region has become in attracting global technology companies," said Senator Joseph L. Bruno.
The new Technology Center and relocation of its corporate headquarters will also allow Momentive to expand its relationship with local colleges and universities via additional student internships and job opportunities with a global company.
"I am pleased to have played a role in enacting state legislation that assists the strengthening of Momentive's presence in the Capital District and I am confident that they will continue to grow and build upon their success to date," said Assembly Majority Leader Ron Canestrari.
The New York State Legislature recently passed legislation making a technical correction to enable the Company's Waterford manufacturing facility to qualify for various Empire Zone benefits. The Empire Zone benefits will help the manufacturing facility be globally competitive while supporting jobs in the region. The legislation currently awaits action by the Governor. If it is approved, the Company's election for Empire Zone designation and certification must then be approved by the Commissioner of Economic Development. Momentive has committed to spending approximately $150 million on capital projects at its Waterford, NY site over the five-year period following its Empire Zone designation. Momentive believes that the benefit of the Empire Zone designation to the Waterford facility is approximately $40 million over ten years.
About Momentive
Momentive Performance Materials is the world's second-largest producer of silicones and silicone derivatives and a global leader in the development and manufacture of products derived from quartz and specialty ceramics. The Company was created from the sale of GE Advanced Materials to Apollo Management, L.P. in December 2006.
Silicones are a multi-functional family of materials used in thousands of products and serve as a critical ingredient in many construction, transportation, personal care, electronic, consumer and agricultural uses. Silicones are generally used as an additive to a wide...
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