Elkem, a silicones and silicon solutions provider, has completed the acquisition of Chinese firm Polysil for CNY941m ($133m).
The closure comes nearly three months after Elkem signed an agreement to acquire all shares in Polysil.
A privately-owned company, Polysil is a silicone elastomer and resins material manufacturer.
Elkem CEO Michael Koenig said: “We continue to develop Elkem’s competitive positions, at the same time as we work to safeguard our business in light of the coronavirus situation.
“The financial closing of the Polysil acquisition represents an important milestone, strengthening our position in specialised silicones segments in China, in line with our growth and specialisation strategy.
“Today’s macro environment highlights the value of being a global specialty player across regions.”
Polysil focuses on producing heat cured rubber (HCR), liquid silicone rubber (LSR) and specialty resin, and pressure sensitive adhesives (PSA). It has two production facilities, as well as a research and development centre.
Last year, the acquired firm is estimated to have generated a total operating revenue of CNY612m ($86.6m).
The acquisition strengthens Elkem’s product portfolio, in addition to enhancing the company’s growth in China and globally.
The deal also enables Polysil to leverage Elkem’s capabilities to further market its products.
Elkem Silicones division senior vice-president Frederic Jacquin said: “Polysil’s products and market positions in food, baby care, electronics and medical markets are complementary to Elkem.
“There is significant potential in utilising Polysil’s high-end liquid silicones rubber and pressure sensitive adhesives specialty positions and in further developing both products and markets.
“Polysil’s strong research and development capabilities will be very important for development of products for both the Chinese market and globally.”
Source: Chemicals Technology
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