PARIS, Jan 24 (Reuters) - French chemicals group Arkema plans to make further acquisitions to beef up its high-performance materials business after a recent joint venture in China, its chief executive told Les Echos newspaper.
The company on Thursday announced a partnership and initial investment of $240 million in Jurong Chemical, China’s biggest manufacturer of acrylic acid and a unit of Singapore-listed firm Sunvic.
Arkema has earmarked up to 1.2 billion euros for acquisitions from 2012 to 2016 period, and will use roughly one third of that for the Chinese venture, CEO Thierry Le Henaff said in the newspaper interview.
“We now think we will use the balance to strengthen our high-performance materials business,” he said. “We may still do several deals to maintain the balance between our three businesses - acrylics, industrial specialties, and high performance materials.”
Reporting by Dominique Vidalon; Editing by Edwina Gibbs