COLOMBES, FRANCE – Arkema will acquire a 54% stake in South Korean polyimide film producer PI Advanced Materials for €728 million ($791 million).

PIAM saw sales of more than €200 million in 2022, and expects sales to grow at 13% per year, driven by opportunities for polyimide in increasingly demanding applications such as lithium-ion batteries, 5G antennas, high resolution OLED displays or flexible screens, and supported by recent capacity expansions.

The transaction will fully financed in cash, and after approval by Chinese and Korean anti-trust authorities, should be finalized by the end of 2023, Arkema said.

"PIAM is an outstanding company with a unique technological positioning, state-of-the-art manufacturing facilities and invaluable customer relationships," said Thierry Le Henaff, Arkema chairman and CEO. "This acquisition is fully aligned with our strategy to be at the forefront of high-performance materials for high growth end markets supported by megatrends such as electric vehicles and advanced electronics. "After the divestment of PMMA, the acquisition of Ashland adhesives and the current start-up of our bio PA11 plant in Singapore, Arkema is delivering another significant milestone of its strategy focused on innovative materials for a sustainable world," said Le Henaff.

With two production sites and two R&D centers in South Korea, PIAM employs approximately 320 people.