French chemical company Arkema finalized the acquisition of adhesive maker Bostik on February 2.
 
Bostik, which achieves roughly €1.5 billion ($1.7 billion) in sales, will represent a new business unit of Arkema’s High Performance Materials segment. Together, the new entity will produce around €7.6 billion ($8.6 billion) in sales and employ around 19,000 people globally.
 
“It is with great pleasure that we welcome the Bostik teams,” says Thierry Le Hénaff, Arkema chairman and chief executive officer. “I firmly believe in the quality and the development potential of this company which represents a promising growth platform for the future. I also want to thank everyone who, through their true professionalism, has helped finalize quickly the operation and its financing.”
 
In a steadily growing adhesives market, Arkema says Bostik’s development drive and the synergies identified between the two groups will enable the company to continue strengthening its profile as well as its resilience to changes of the economic environment.
 
The financing of this operation was finalized in early 2015 with a €700 million ($796.5 million) bond issue with a 1.5% coupon, and complements the hybrid bond issue conducted in October 2014 and the share capital increase completed in December 2014.