Arkema buys South Korea’s PI Advanced Materials

In a move designed to broaden its range of high-performance polymers, French specialty chemicals and advanced materials supplier Arkema SA has acquired a majority share in South Korean company PI Advanced Materials (PIAM) for 728 million euros (US$760 million).

Arkema will buy a 54 per cent stake in the manufacturer from Seoul-based investor Glenwood Private Equity. The remaining 46 per cent of the shares will continue to be listed on the Korean stock exchange.

PIAM supplies high-performance plastics used in components for consumer electronics and electric vehicles.

Arkema is said to be one of the world’s biggest makers of high-performance chemicals, with operations ranging from construction and packaging applications to diaper materials.

“This acquisition is fully aligned with our strategy to be at the forefront of high-performance materials for high-growth end markets supported by megatrends such as electric vehicles and advanced electronics,” Thierry Le Henaff, Arkema’s chairman and CEO, said in a statement.

The deal, which is subject to the approval of Chinese and Korean anti-trust authorities, should be finalized end-2023.

Headquartered in Paris, Arkema has Canadian operations located in Burlington, Ont.