French chemicals group Arkema announced on Wednesday a proposed acquisition of a majority stake in South Korean company PI Advanced Materials for 728 million euros .
The acquisition represents a milestone in Arkema’s transformation into a pure Specialty Materials player, the company said. The project offers synergies estimated at around 30 million euros at the EBITDA level, which should be progressively achieved within the next five years, the company said. Arkema said it would buy Glenwood Private Equity’s 54 per cent stake in PIAM and the transaction would be fully financed in cash.
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