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With estimated sales of around US$ 360 million (1) and an estimated EBITDA at a very high level of around US$95 million (1) in 2021, Ashland offers a portfolio of high performance adhesive solutions in high-value-added industrial applications. We look forward to welcoming Ashland’s high-caliber management team and to partner together for this highly value creative deal.”, stated Thierry Le Hénaff, the Group’s Chairman and Chief Executive Officer. The cultures of the teams are very close, focused on customer centricity and sustainable innovation. Ashland’s adhesives will constitute a new technological platform for our adhesives and the synergies are particularly high given the geographical and application complementarities with Bostik and our Coating Solutions platform. With an excellent business which holds leading positions in many high-growth segments and a high level of profitability, this project fully aligns with the Group’s targeted acquisition strategy.
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In a context of strong earnings growth following the recent divestment of PMMA and the start of the strategic review of Fluorogases, the acquisition of Ashland’s adhesives business is a fantastic opportunity to reinforce the Group’s presence in the US and to accelerate Bostik’s growth. “We are very happy and proud of this move. Strongly value-creative deal for Arkema’s shareholders, with an accretive impact on net earnings per share in the first year, and a €1 per share accretion by 2026.Significant pre-tax synergies, estimated at 12.5% of sales, enabling to reduce the EV/EBITDA multiple to 8.7 by 2026.15x the estimated 2021 EBITDA (1) after taking into account the tax benefits linked to the structure of the transaction The offer was made on the basis of a US$ 1,650 million enterprise value, i.e.Sales of approximately US$360 million (1) in 2021 with an EBITDA margin above 25% (1) and 330 employees.This key step supports Bostik’s strong long term growth ambition and now allows it to aim for an EBITDA margin above 17% in 2024.This project perfectly aligns with the Group’s ambition to become a pure Specialty Materials player by 2024 and focus its development on sustainable and high performance solutions.
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