Asahi Kasei Completes Acquisition of Polypore
August 26 2015 - 6:30PM
Business Wire
Global expansion of battery separator
business
Asahi Kasei Corp. (TOKYO:3407) completed its acquisition of
Polypore International, Inc. on August 26, 2015, US Eastern
time.
On February 23, 2015, Asahi Kasei announced a definitive merger
agreement to acquire Polypore through a US subsidiary. This
acquisition was completed on August 26, 2015, US Eastern time, and
Polypore is now a wholly owned consolidated subsidiary of Asahi
Kasei.
Immediately prior to the acquisition by Asahi Kasei, Polypore
divested its Separations Media segment to 3M Company (NYSE: MMM).
As acquired by Asahi Kasei, Polypore will continue to operate its
Energy Storage segment focused on battery separators.
As a result of the completion of this transaction, Polypore’s
stock is no longer traded on the New York Stock Exchange, and
Polypore will cease to have reporting obligations under the
Securities Exchange Act of 1934.
Polypore will now operate as a core operating company of the
Asahi Kasei Group. Further development and growth of the battery
separator business will be coordinated with Asahi Kasei E-materials
Corp., the core operating company which operates Asahi Kasei’s
established battery separator business, under the leadership of
Shigeki Takayama, who was installed as CEO of Polypore on August
26, 2015, and will continue to serve concurrently as President of
Asahi Kasei E-materials Corp.
The effect on the consolidated financial performance of the
Asahi Kasei Group will be disclosed without delay when it becomes
clear.
About Polypore International, Inc.Polypore International, Inc.,
an Asahi Kasei Group company, specializes in highly-engineered
microporous membranes used in electric drive vehicles, energy
storage systems and emergency backup power systems, portable
consumer electronic devices, cars, trucks, buses, forklifts, and
submarines. A global high-technology company based in Charlotte,
N.C., Polypore International, Inc. is highly regarded in the market
with manufacturing facilities or sales offices in nine countries
serving six continents. See www.polypore.net.
About Asahi KaseiThe Asahi Kasei Group is a diversified group of
companies led by holding company Asahi Kasei Corp., with operations
in the chemicals and fibers, homes and construction materials,
electronics, and health care business sectors. Its electronics
operations include a broad range of high-performance
energy/electronics materials such as the Hipore™ lithium-ion
battery separator, photosensitive dry film used in the production
of printed wiring boards, and photomask pellicles used in the
production of LCD panels and semiconductors. With more than 30,000
employees around the world, the Asahi Kasei Group serves customers
in more than 100 countries. See
www.asahi-kasei.co.jp/asahi/en/.
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Asahi Kasei Corp.Corporate CommunicationsPhone:
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