Arkema Closes Acquisition of 54% Stake in PI Advanced Materials
On Dec. 1, 2023, French chemicals and materials company Arkema has finalized the acquisition of Glenwood Private Equity’s 54% – based on a €728 million enterprise value – stake in South Korean company PI Advanced Materials (PIAM). Arkema said in a statement that this acquisition acquisition – first announced last June – complements its portfolio of high-performance technologies for the high-growth markets of advanced electronics and electric mobility.
With more than 30% market share, PIAM, headquartered in Seoul, is the global leader of polyimide films used in the high-growth and high value-added markets of mobile devices and electric vehicles.
According to Arkema, PIAM sales are expected to grow by around 13% per year in the coming years, driven by new cutting-edge applications in 5G antennas, high-resolution OLED displays, flexible screens and electric vehicles, and supported by recent capacity expansions.
Arkema said that PIAM's portfolio, which will strengthen its own range of high-performance polymers, combined with the perfect geographic fit with the group, should enable the French group to achieve synergies estimated at €30 million in terms of EBITDA over the next five years.
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