Momentive Performance Materials Withdraws Plans for IPO

Momentive Performance Materials Holdings is withdrawing plans for an initial public offering (IPO), according to a regulatory filing. Momentive says that the company “decided not to proceed with the offering at this time,” but did not provide additional details. Industry sources say that poor market conditions are the likely reason. Momentive in April 2011 said it planned to raise an estimated $862.5 million through an IPO, and that it intended to use the proceeds for general corporate purposes. Momentive, which produces thermosetting resins...

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