GE to Sell Advanced Materials Division to Apollo Management for $3.8B
GE, Fairfield, CT, has agreed to sell GE Advanced Materials (Silicones & Quartz) to Apollo Management, L.P., a private investment firm, in a deal valued at $3.8 billion in cash and securities.
GE Advanced Materials is a $2.5 billion supplier of silicone-based products, silanes, sealants, urethane additives and adhesives; and high-purity fused quartz and ceramics materials. It is headquartered in Wilton, CT, and employs 5,000 people in 38 locations worldwide.
Apollo Management also recently purchased Rexnord Corporation, a manufacturer of precision motion technology products, for $1.825 billion.
Upon completion of the transaction, GE will receive a 10% ownership stake in the new company and hold $400 million of notes.
"Today's announcement is ...