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Arkema Finalizes Sale of Polyolefins Business

Tuesday, June 9, 2020

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Announced early last week, specialty chemicals company Arkema (Colombes, France) finalized the sale of its Functional Polyolefins business to petrochemical manufacturer SK Global Chemical (Seoul, Korea), a subsidiary of South-Korean group SK.

Arkema first made the divestment proposal in October 2019, which the company believed would lead the creation of a French subsidiary with the group.

Farknot_Architect / Getty Images

Announced early last week, specialty chemicals company Arkema (Colombes, France) finalized the sale of its Functional Polyolefins business to petrochemical manufacturer SK Global Chemical (Seoul, Korea), a subsidiary of South-Korean group SK.

Part of the PMMA Business Unit (Industrial Specialties division), the Functional Polyolefins activity represents sales of some 250 million euros ($282.3 million), and is comprised of ethylene copolymers, terpolymers, cable, electronics and coatings market products.

At the time of the proposal, the unit employed roughly 100 people in France and an international sales network of about 30 people. The offer was received based on an enterprise value of 335 million euros.

Since finalizing the divestment, those employees will now be joining SK Global Chemicals South-Korean subsidiary. The finalization is also reported to be in line with the company’s strategy to refocus the Group’s activities on Specialty Materials and become a pure player by 2024.

The efforts will be centered around three complementary and highly innovative segments of Adhesive Solutions, Advanced Materials and Coating Solutions.

   

Tagged categories: Arkema Inc.; Asia Pacific; Business management; Business matters; Business operations; Construction chemicals; EMEA (Europe, Middle East and Africa); Latin America; North America; Program/Project Management; Project Management; Z-Continents

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