SK Global Chemical completes acquisition of Arkema’s functional polyolefins business
The deal, first announced in October 2019, is part of South Korea-based SK’s strategy to boost its packaging business.
SK Global Chemical Co., a chemical affiliate of South Korea’s energy company SK Innovation Co., has completed its acquisition of French chemical firm Arkema S.A.’s functional polyolefins business for US$375 million.
The deal, first announced in October 2019, is part of SK’s strategy to boost its packaging business.
Under the deal, SK will take control of Arkema’s three France-based production facilities, technology and marketing talents for four products used as adhesives in multilayer packaging.
“We expect the acquisition to further strengthen our business competitiveness,” Na Kyung-soo, CEO of SK, said in a statement.
The purchase is the latest in a series of acquisitions to boost SK’s packaging business. The company acquired the ethylene acrylic acid and polyvinylidene chloride businesses from the Dow Chemical Co. in 2017 to expand into the North American region.