Momentive Performance Materials Holdings Inc and Hexion LLC announce agreement to create a global leader in speciality chemicals and materials.

Momentive Performance Materials Holdings Inc, the parent company of Momentive Performance Materials Inc, and Hexion LLC, the parent company of Hexion Specialty Chemicals Inc, jointly announced an agreement under which their newly-formed holding companies will merge, creating a global leader in speciality chemicals and materials. The boards of both holding companies have unanimously approved the merger, which is subject to customary conditions. Closing is anticipated to occur 1 Oct 2010. The new company will operate under the Momentive Performance Materials (Momentive) name. The capital structures of both Momentive Performance Materials Holdings Inc and Hexion LLC and their respective …