...September 13, 2024 The positive outlook on Arkema continues to reflect progressive improvement in business operations. Over the last few years, Arkema has enhanced its scale and improved its geographical footprint through organic growth, several bolt-on acquisitions, and a few mid-size acquisitions. The company has increased its exposure to the adhesives industry with the acquisition of Ashland's adhesive business in 2022 and several other bolt ons. During 2023, Arkema acquired a controlling stake in PI Advanced Materials (PIAM), strengthening its advance materials segment and expanding its presence in the fast-growing Asian market. Positively, the company's share of specialty materials has now increased to about 92% of total sales, in line with its strategy to become a pure specialty player. Arkema's active portfolio management and shift toward the specialty materials business will lead to superior resilience in earnings and cash flows, in our view. We expect funds from operations (FFO)...
