PU additive unit sold again: GE sells advanced materials to Apollo for $3800 million.(newslines)(General Electric Co.)(GE Advanced Materials)(Apollo Management LP)(polyurethane)

Urethanes Technology, October, 2006

FAIRFIELD, CONNECTICUT -- GE is to sell its GE Advanced Materials (Silicones & Quartz) business to private investment group Apollo Management LP, in a deal valued at about $3800 million.

The deal includes GE's urethane additives business, made up of silicone surfactants, tertiary amine catalysts and non-silicone process additives. This business is based on the former OSi Specialities unit, which GE bought from Crompton Corp. (now Chemtura) in late 2003.

Prior to the deal, GE Advanced Materials bought control of its two joint ventures--GE Toshiba Silicones (GETOS), and GE Bayer Silicones (GEBS)--from Toshiba and Bayer, and they will be included in Apollo's purchase.

GE said it will retain a 10-percent stake in the new company and hold $400...

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