Arkema not increase stake in Chinese acrylics firm Taixing Sunke

Arkema to not increase stake in Chinese acrylics firm Taixing Sunke

9:21 AM, 1st February 2016
Arkema to not increase stake in Chinese acrylics firm Taixing Sunke

COLOMBES, FRANCE: Arkema said that it had an option, until early 2016, to increase its stake in Taixing Sunke Chemicals, a production joint venture which owns and operates acrylic acid and butyl acrylate production units in Taixing, China, and therefore access an additional 160,000 tonne per year acrylic acid capacity.

As the financial terms of the option no longer reflect current market conditions for acrylics in China, Arkema has decided not to exercise this option, it said.

The company will keep its initial rights to acrylic acid capacities thus supporting the development of its downstream acrylic activities in Asia. In line with its strategy to further strengthen its high performance materials segment, the group could allocate part of the unused funds to make bolt-on acquisitions.

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