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On December 1, 2023 Arkema finalised the acquisition of Glenwood Private Equity’s 54% stake in the listed South Korean company PI Advanced Materials (PIAM). This acquisition complements Arkema’s portfolio of high-performance technologies for the high-growth markets of advanced electronics and electric mobility.
With more than 30% market share, PIAM, based in South Korea, is the global leader of polyimide films used in the high-growth and high value-added markets of mobile devices and electric vehicles.
In the coming years, PIAM sales are expected to grow by around 13% per year, driven by new cutting-edge applications in 5G antennas, high-resolution OLED displays, flexible screens and electric vehicles, and supported by recent capacity expansions.
Furthermore, PIAM’s portfolio, which will strengthen Arkema’s range of high-performance polymers, combined with the perfect geographic fit with the Group, should enable to achieve synergies estimated at €30M in terms of EBITDA over the next five years.
The acquisition of this 54% majority stake, based on a €728M enterprise value, will enable a 100% consolidation of PIAM in Arkema’s accounts.
