Home / News / Polypore signs definitive agreements for its sale

Polypore signs definitive agreements for its sale

26 Feb '15

2 min read

Asahi Kasei Corporation, through a US subsidiary, will purchase Polypore International, a high technology filtration company specialising in microporous membranes for $60.50 per share in cash, a press release from Polypore informed.

As an integrated step in this transaction, immediately prior to Asahi Kasei’s acquisition of Polypore, 3M Company will acquire assets of Polypore’s Separations Media segment for approximately $1.0 billion and Asahi Kasei will receive the cash proceeds from the asset sale.

The definitive agreements require that the sale of Polypore and integrated sale of Separations Media segment close after closing conditions for both transactions have been satisfied and that the closings of the transactions are conditioned upon one another.

The per share consideration represents an enterprise value for Polypore of approximately $3.2 billion and a premium of approximately 24 per cent over the volume weighted average share price for the twenty trading days up to and including February 20, 2015.

“The transactions have been approved by the Boards of Directors of Asahi Kasei, 3M, and Polypore, and are subject to certain customary regulatory and Polypore shareholder approvals,” Polypore said in a press release.

“The combination of our Energy Storage business with Asahi Kasei and our Separations Media business with 3M are excellent strategic fits, which we believe create value for our people, customers and shareholders,” Robert Toth, Polypore’s president said.

He added, “When you combine our technology, process capabilities, and material science expertise with their technology, global reach and broader resources, there’s a great opportunity to accelerate growth going forward.”

Toshio Asano, president of Asahi Kasei said, “We are very excited to be joining forces with Polypore, an esteemed player in energy storage and Environment & Energy is an area of strategic focus for us as we expand and grow, creating new value for the future.”

Polypore International is a high technology filtration company specialising in microporous membranes and its flat sheet and hollow fibre membranes are used in specialised applications that require the removal or separation of various materials from liquids.

Asahi Kasei is Japan’s leading diversified chemical manufacturer with businesses in the chemicals & fibres, homes & construction materials, electronics, and health care sectors. With more than 29,000 employees around the world, the Asahi Kasei Group serves customers in more than 100 countries. (AR)

Fibre2fashion News Desk - India