Apollo Global Management, Inc. together with its consolidated subsidiaries, “Apollo” or the “Firm”) today announced that funds managed by its affiliates (the “Apollo Funds”) have entered into a definitive agreement to acquire the Thermal and Emission Control Materials (the “Business” or “MAFTEC”) from Mitsubishi Chemical Corporation (“Mitsubishi Chemical”), Japan’s leading diversified chemicals and advanced materials producer.

 

MAFTEC is a global leader in thermal and emission control protection materials, primarily for the industrial and automotive industry as OEMs adopt their chemical fiber products to reduce emissions in traditional and hybrid vehicles. The Business is also currently developing product applications for electric vehicle batteries.

 

Tetsuji Okamoto, Partner and Head of Japan at Apollo, said, “Mitsubishi Chemical’s Thermal and Emission Control Materials Business has long established a strong reputation in providing best-in-class specialty heat-protective materials to industrial and automotive customers. Through this investment, we are excited to harness Apollo’s experience to support the Business and its management team in this next phase. We see many paths to accelerate growth as the Business helps customers respond to increasing emissions regulations and explores new product applications.”

 

Okamoto added, “We are also pleased to have worked with Mitsubishi Chemical to structure a deal that supports their business portfolio transformation strategy. This is Apollo’s second corporate carve out in Japan this year and demonstrates the firm’s ability to work with companies on significant, complex transactions that deliver compelling benefits to both parties.”

 

The transaction underscores Apollo’s continued commitment to responsible investing, as MAFTEC helps its customers meet rising environmental standards worldwide. The team at Apollo plans to leverage its global expertise in both the chemicals and automotive industries to help the Business further enhance its value proposition and product offerings.