The CEO of Momentive Performance Materials Inc. will soon leave to run a manufacturer in Indiana.
Jonathan Rich currently heads Momentive, a manufacturing company headquartered in Colonie,New York. Rich will leave Momentive to become CEO of Berry Plastics Corp. in Evansville,Indiana. The current CEO there is retiring, effective Oct. 4.
The two companies have a common thread: Downstate private-equity firm Apollo Management L.P., which holds a controlling interest in both. Berry Plastics made the announcement on Sept. 24.
Earlier this month, Apollo announced the merger of Momentive with Ohio-based Hexion Specialty Chemicals Inc. The deal is expected to close Oct. 1.
The newly created company will operate under Momentive’s name, but it will be run by Hexion executives. Rich wasn’t going to have a job with the new company as a result of the merger, although he will be on the board of directors.
Momentive has 1,000 workers at a plant in Waterford, and another 100 at its corporate headquarters in Colonie. Momentive produces a range of industrial adhesives and resins used in a variety of sectors, including semiconductors, construction, automotive and textiles.Read more: Momentive CEO will leave to run Indiana plastics company - The Business Review (Albany)