A France-based company recently bought the performance adhesives business of Ashland, which is based in Delaware.
The all-cash deal is valued at approximately $1.65 billion, according to a news release from Ashland, which sold the performance adhesives business to Arkema.
The deal was finalized on Feb. 28. Ashland’s performance adhesives business specializes in pressure-sensitive adhesives.
Based in Colombes, France, Arkema says that the purchase aligns with its adhesive solutions segment “to become a pure specialty materials player by 2024.” The chemical company says on its website that it is “focused on innovation and sustainable materials solutions.”
“We know how to glue materials. We know how to replace materials with lighter, more efficient or biosourced solutions. We know how to protect materials and apply coatings to them,” the Arkema website says.