Arkema, a French chemicals manufacturer, announced on Wednesday a planned acquisition of a controlling stake in PI Advanced Materials (PIAM), a South Korean company, for 728 million euros ($797.2 million).
According to the business, the acquisition marks a watershed moment in Arkema's evolution into a pure Specialty Materials player.
The initiative is expected to provide synergies of roughly 30 million euros ($32.85 million) at the EBITDA (earnings before interest, tax, depreciation, and amortisation) level over the next five years, according to the business.
Arkema announced that it would acquire Glenwood Private Equity's 54% ownership in PIAM in a cash deal.
According to the corporation, the transaction should be completed by the end of 2023.
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