Arkema finalized on 1 December 2023 the acquisition of Glenwood Private Equity’s 54% stake in the listed South Korean company PI Advanced Materials (PIAM).

This acquisition complements Arkema's portfolio of high-performance technologies for the high-growth markets of advanced electronics and electric mobility.

With more than 30% market share, PIAM, based in South Korea, is the global leader of polyimide films used in the high-growth and high value-added markets of mobile devices and electric vehicles.

In the coming years, PIAM sales are expected to grow by around 13% per year, driven by new cutting-edge applications in 5G antennas, high-resolution OLED displays, flexible screens and electric vehicles, and supported by recent capacity expansions.

Furthermore, PIAM's portfolio, which will strengthen Arkema's range of high-performance polymers, combined with the perfect geographic fit with the Group, should enable to achieve synergies estimated at €30 million in terms of EBITDA over the next 5 years.

The acquisition of this 54% majority stake, based on a €728 million enterprise value, will enable a 100% consolidation of PIAM in Arkema’s accounts.