SK Global Chemical is set to acquire French chemical firm Arkema’s functional polyolefins business, in the latest move to boost its packaging business, the firm said Tuesday.
The acquisition, worth 335 million euros ($369 million), is expected to be finalized by the second quarter of next year. The proposed deal is currently under review by antitrust authorities.
“This will give SK Global Chemical the competitive edge in American and European markets, where packaging industries are high value, while maximizing the synergy between previously acquired and new businesses,” the company said in a statement.
The acquisition will grant the chemical unit of SK Innovation with Arkema’s three France-based production facilities, technology and marketing talent for four products used as adhesives in multilayer packaging.
The chemical company has focused on strengthening its packaging business. It purchased the ethylene acrylic acid and polyvinylidene chloride businesses from Dow Chemical in 2017 to expand into the North American region.
By Shin Ji-hye (firstname.lastname@example.org)