Manufacturing News

France's Arkema buys 2 Chinese chemical firms

Arkema S.A., a chemical manufacturer based in Colombes, France, says it is purchasing two Chinese chemical companies that specialize in the production of automotive bio-plastics.

In its statement, Arkema says it will purchase Hipro Polymers and Casda Biomaterials, which together generated sales of $230 million (1.5 billion yuan) last year.

The two companies produce chemicals used to make polyamide 11, a bio-plastic derived from vegetable oil. It is often used to make fuel lines, airbrake tubes and cable sheaths.

The two companies are predominantly owned by a joint venture between Feixiang Chemicals and Bain Capital. Arkema says it will acquire a 100 percent stake in the companies, which have an enterprise value of $365 million (2.3 billion yuan).

Hipro is based in Zhangjiagang, 110 km from Shanghai, while Casda is headquartered in the city of Hengshui, which is 250 km from Beijing.

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