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Arkema Acquires Ashland’s Performance Adhesives Business

Including pro forma adjustments, the business had sales of approximately $360 million in 2021 with an EBITDA margin above 25% and 330 employees.

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By: KERRY PIANOFORTE

Editor, Coatings World, Coatings World

 An agreement was signed by Arkema for the acquisition of Ashland’s Performance Adhesives business, a first-class leader in high performance adhesives for industrial applications in the United States with a unique and innovative product portfolio

  • ·       This project perfectly aligns with the Group’s ambition to become a pure Specialty Materials player by 2024 and focus its development on sustainable and high performance solutions
  • ·     This key step supports Bostik’s strong long term growth ambition and now allows it to aim for an EBITDA margin above 17% in 2024
  • ·   Sales of approximately $360 million (1) in 2021 with an EBITDA margin above 25% (1) and 330 employees.
  • ·       The offer was made on the basis of a $1,650 million enterprise value, i.e. 15x the estimated 2021 EBITDA (1) after taking into account the tax benefits linked to the structure of the transaction
  • ·   Significant pre-tax synergies, estimated at 12.5% of sales, enabling to reduce the EV/EBITDA   multiple to 8.7 by 2026
       Strongly value-creative deal for Arkema’s shareholders, with an accretive impact on net earnings   per share in the first year, and a €1 per share accretion by 2026
(1) including pro forma adjustments

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