Supplier of speciality chemicals and high performance materials, Solutia has proclaimed that it has inked a deal to buy certain assets of Aimcore Technology, a Taiwanese producer of conductive film, for nearly $7 million.
With this acquisition, Solutia will expand its Performance Films business that manufactures premium Flexvue film parts utilized in e-readers, solar market applications and touch screens. The purchase paves the way to Solutia to enter into the Asian market to support the robust growth in energy and mobile technology markets. The increased production capacity is scheduled to be operational in the latter half of 2011.
This will be Solutia’s second acquisition within a year for its Performance Films business that also manufactures quality window film parts. Earlier in 2010, the company acquired Novomatrix, a Singapore-based firm involved in branding and distribution of window films. The latest purchase will boost the company’s window film parts production in the US to support the North American market.
The Chairman, President and Chief Executive Officer of Solutia, Jeffry N. Quinn, stated that the acquisition will expand the company’s footprint in the high-tech electronic films industry and will strengthen its potential to serve the robust Asia-Pacific market. The company’s acquisition strategy focuses on high-growth markets and high-value specialty products.
Source: http://www.solutia.com