Elkem Buys South Korea’s Basel Chemie
Norwegian silicon producer Elkem is buying Basel Chemie, a South Korean producer of specialty silicon gels, for $26.9 million. Elkem said the deal gives it access to leading technology in attractive end-user silicon segments and a solid platform for further development and growth.
Basel Chemie manufactures silicon for use in skin care and cosmetics applications and in water repellents for the construction industry. It has a manufacturing plant near Gunsan and a R&D center and offices in Seoul. The company employs 32 people and had a turnover of $7.7 million in 2018.
“This acquisition strengthens our position in downstream specialized silicones. Basel Chemie complements our market offering and brings additional technologies to our specialty portfolio in Asia where we have strong positions in other segments,” said Elkem’s CEO Helge Aasen.
The acquisition is expected to close by the end of September, subject to regulatory approvals.