Kraton Corporation announced it had closed the deal with DL Chemical Co., Ltd. DL Chemical acquired Kraton in an all-cash transaction valued at nearly $2.5 billion.
DL Chemical is a prominent petrochemical company having over 46 years of operational experience and a unique technological base in Korea. The company was the first to export polybutene technology to the United States. DL Chemical is the world's largest polybutene producer with a production capacity of 200 KTA year.
The merging of Kraton and DL Chemical has resulted in Kraton strengthening its global presence by using DL Chemical's manufacturing capabilities and footprint in the Asian market. The merge also has allowed Kraton to further invest in industry-leading sustainable innovation and accelerate the company's vision of becoming the global leader of specialty chemicals.
The transaction valued at 2.5 billion was announced on September 27, 2021. Kraton received the approval on the same on December 9, 2021. When the transaction was completed, Kraton disclosed owning a DL chemical subsidiary. Mr. Marcello Boldrini and Dr. Holger Jung will lead Kraton as Co-Chief Executive Officers and look after Kraton's Chemical and Polymer segments, respectively.
"Today marks an exciting new chapter for Kraton. We are delighted to be a part of the DL Chemical group and look forward to working with their talented team to advance our sustainable business even further."
On this, Mr. Boldrini, Co-CEO of Kraton
In addition, Dr. Jung, Co-CEO of Kraton, also says, "We are pleased to have completed this transaction and look forward to what the future holds for Kraton and DL Chemical. DL Chemical provides the financial strength and the growth-oriented focus that allows Kraton to further invest in innovation and compete more effectively in the global market."