SK Global Chemical said Oct.15 it will acquire French chemical firm Arkema’s functional polyolefins business for 335 million euros ($369 million) in the latest move to boost its packaging business.
The company said the acquisition is expected to be finalized by the second quarter of 2020. The proposed deal is currently under review by antitrust authorities.
The acquisition will grant SK Global Chemical with Arkema’s three France-based production facilities, technology and marketing talents for four products used as adhesive in multilayer packaging.
“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.
SK Global Chemical in recent years has been focusing on strengthening its packaging business. It purchased ethylene acrylic acid and polyvinylidene chloride businesses from Dow Chemical in 2017 to expand into the North American region.
By Ram Garikipati and newswires (email@example.com)