SEOUL, June 3 (Korea Bizwire) — SK Global Chemical Co., a chemical affiliate of South Korea’s energy giant SK Innovation Co., said Wednesday it has completed the acquisition of French chemical firm Arkema S.A.’s functional polyolefins business for 335 million euros (US$375 million) in the latest move to boost its packaging business.
Under the deal, SK Global Chemical will take control of Arkema’s three France-based production facilities, technology and marketing talents for four products used as adhesives in multilayer packaging.
“We expect the acquisition to further strengthen our business competitiveness,” Na Kyung-soo, CEO of SK Global Chemical, said in a comment provided by the company.
SK Global Chemical in recent years has been focusing on strengthening its packaging business. It purchased ethylene acrylic acid and polyvinylidene chloride businesses from the Dow Chemical Co. in 2017 to expand into the North American region.