Asahi Kasei acquires Polypore's energy storage segment for $2.2 bn
Asahi Kasei will acquire all of the outstanding shares of Polypore’s common stock for $60.50 per share in the form of a cash merger, which would occur immediately after the closing of the sale of the Separations Media segment to 3M. As a result of these transactions, Asahi Kasei will acquire Polypore’s Energy Storage business for total net consideration of approximately $2.2 billion. The transactions have been approved by the Boards of Directors of Asahi Kasei, 3M, and Polypore, and are subject to customary conditions, including approval of Polypore’s shareholders and receipt of applicable regulatory clearances.
The energy & environment focus area will require significant growth and innovation given the global challenge to develop more sophisticated energy storage material solutions, especially in automotive applications, against a backdrop of increasing motorisation in emerging countries and heightening worldwide demand for eco-friendly cars such as electric vehicles and hybrid electric vehicles. Further growth is expected from the increasing need for high-performance stationary energy storage systems to enable more efficient utilisation of renewable energy.
Polypore is a compelling fit with Asahi Kasei’s electronic materials business, led by Asahi Kasei’s Hipore lithium-ion battery (LIB) separator with applications in energy storage for both consumer electronics and automotive applications.
Polypore has established an excellent global platform for its LIB separator business, with production plants in the US, South Korea, and China, and products that complement Asahi Kasei’s strategies and objectives. The combination of the LIB separator businesses of the two companies will enable the further development of more sophisticated products, which will contribute to the advancement of LIB technology and performance and lead to accelerated growth and value creation. Furthermore, the addition of Polypore’s lead-acid battery separator business, which has production plants in the US, Thailand, France, Germany, India, and China, will reinforce Asahi Kasei’s energy storage material businesses as a comprehensive supplier of a wide range of materials that meet diverse energy solution needs.
Asahi Kasei Corporation is Japan’s leading diversified chemical manufacturer with businesses in the chemicals & fibres, homes & construction materials, electronics, and health care sectors.
(This news story is from Business Standard)