PARIS (S&P Global Ratings) Sept. 2, 2021--S&P Global Ratings today said that the geographic and product diversification, profitability, and resilience of Arkema (BBB+/Stable/A-2) will be improved by the acquisition of Ashland's Performance Adhesives business. Although absorbing some credit metrics leeway, the transaction marks a significant step forward in the group's strategy to become a pure specialty chemicals player by 2024, generating sales of at least €10 billion with a reported EBITDA margin of around 17%. On Aug. 31, 2021, France-based specialty chemical producer Arkema announced that it had signed an agreement to purchase Ashland's Performance Adhesives business for $1.65 billion enterprise value (i.e., 15x the estimated 2021 EBITDA after taking into account the tax benefits linked to the structure of
