Momentive opens R&D centre

Momentive opens R&D centre

The two are subsidiaries of Momentive Performance Materials Holdings LLC, US$7.5 billion global leader in speciality chemicals and materials.

The new facility, being set up at a cost of US$4 million, will be developed on 45,000 sq ft space on a 2 acre plot in Electronic City Phase II and have seating capacity of 200 scientists. Currently, on board are 75, whose number will be scaled up to 200, by first quarter of 2012, when the facility will be up and running.

The Bangalore R&D arm, is one of six such centres of excellence of the company, which will drive innovation for customers. It will be engaged in developing IP products and applications in silicon and other technologies for the Indian market, which will later be taken across globally.

The centre will also serve as Momentive’s regional headquarters and house its commercial and business support functions. Momentive has an application development, manufcturing and warehousing facility at Sriperumbudur, in Chennai, which has been set up at an investment of US$20 million in two phases.

Briefing reporters, Momentive Chairman & CEO Craig O Morrison said, the company was currently witnessing 15-20 per cent growth in India and notched up revenues of US$100 million and expects to turn in revenues of US$250 million in the next five year period.

The company, he said, was also on look out for greenfield projects and joint ventures for which it is currently holding talks with few players, and would also entertain acquisitions that may come under its radar.

The company is currently 92 per cent private equity owned affliated with New York headquartered Appllo Global Management LLC besides minor stakes held by the management team and GE which is not active in the company’s management.

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