Arkema buys South Korea’s PI Advanced Materials
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The acquisition aims to broaden Arkema's range of high-performance polymers.
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.