SK Global Chemical, a subsidiary of SK Innovation, will take over the French petrochemical company Arkema's high-functioning polymer business for 335 million euros. (about 439.2 billion won)
SK Global Chemical made an announcement on Nov. 15 that it held a board of directors' meeting on Oct. 14 and decided to take over the high-functioning polymer business of Arkema, which is the No. 1 French polymer business.
The acquisition amounts to 335 million euros, and the company plans to complete the acquisition by the second quarter of next year.
With the acquisition, SK Global Chemical will secure Arkema's three production facilities in France and operating rights, technology, and manpower for the French company's four products, including ethylene acrylate copolymer, ethylene acrylate turpolymer, ethylene vineyl acetate copolymer and MAH Graphized Polymer.
SK Global Chemical has selected high-value packaging business as its next growth engine and has been focusing on expanding related businesses. The company explained that it acquired EAA (Ethylene Acrylic Acid ) and PVDC (polyvinylidene chloride) business from the U.S. chemical company Dow in 2017 and sought its first M&A in Europe this time.