Momentive Performance Materials CEO says 2015 off to ‘solid’ start

By Lisa Kerner

Charlotte, N.C., May 15 – Momentive Performance Materials Inc.’s year is “off to a solid start with stable, but improving, operating results and good progress on our strategic growth initiatives,” said president and chief executive officer Jack Boss.

Results reflect continued strong demand for specialty silicone products as well as gains in Momentive’s non-semi quartz portfolio, offset by continued weakness in siloxanes and cyclicality in demand for semiconductor-related quartz products, according to Boss.

Despite the volatility, the company is focused on making accretive investments in the expansion of its specialty portfolio as well as in its overall cost structure.

Boss made his comments during the company’s first-quarter earnings call on Friday.

Momentive continues to carefully manage its liquidity, said interim chief financial officer Brian Berger on the call.

The company was able to make additional investments in capex, and cash flow from operations improved $65 million year over year, said Berger.

During the quarter, Momentive named Erick R. Asmussen senior vice president and chief financial officer, effective May 26.

As of March 31, Momentive had cash and cash equivalents of $190 million and liquidity of $389 million.

The company has no significant debt maturities until 2021.

Net debt totaled $1.2 billion at quarter’s end, unchanged from Dec. 31.

Momentive is a silicones and advanced materials company based in Albany, N.Y. The company filed bankruptcy on April 13, 2014 and completed a balance sheet restructuring on Oct. 24, 2014.

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