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[Alpha Biz=(Chicago) Reporter Kim Jisun] PI Advanced Materials, the world's No. 1 polyamide film company used in smartphone and electric vehicles, will be sold to French chemical company Arkema for 1 trillion won.
Native Glenwood PE, the current largest shareholder of PI Advanced Materials, has nearly doubled its profits in less than three years since its acquisition. PI Advanced Materials acquired by Arkema has set the stage for targeting the US European market beyond its main market, Asia.
PI Advanced Materials announced on the 28th that it will sell its management rights to Arkema Korea Holdings for 1 trillion won. Glenwood PE, the largest shareholder of PI Advanced Materials, signed a SPA to sell 54.06% of the issued shares.
PI Advanced Materials is the predecessor of SKC Kolon PI, a joint venture between SKC and Kolon Industries in 2008. Since its establishment, it has topped the global PI film market for nine consecutive years. Currently, the global market share is known to be around 30%.
In 2020, Glenwood PE acquired the company for 607 billion won and changed its name to PI advanced materials. Since then, it has steadily increased its corporate value by strengthening the development and production of high-tech industrial products such as PI films and Barney's for insulation of electric vehicle batteries. Last year, the operating profit ratio was nearly 20%, with sales of 276.4 billion won and operating profit of 52.1 billion won.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
