August, 31, 2020 -
Borealis announces that it has successfully acquired a controlling stake in South Korean compounder DYM Solution Co. Ltd. The acquisition solidifies Borealis’ position in the global wire and cable markets, helping to meet the growing needs and requirements of the wire and cable industry.
Based in Cheonan South Korea, DYM Solution Co. Ltd. was founded in 1992 and is a provider of compound solutions for the global wire and cable industry. It specialises in semi-conductive, halogen-free flame retardant (HFFR), rubber and silane cured compounds.
With this investment, Borealis extends its global wire & cable asset footprint, hereby embodying its mission of Bringing Energy All Around. Borealis will broaden its portfolio, with complementary products and technologies for semi-conductive, flame retardant, rubber and silane cross-linkable compounds.
The acquisition strengthens Borealis and Borouge's capabilities by:
- offering an immediate capacity increase to further secure the product supply;
- geographically extending the asset footprint and supply base, enabling more local service in the region;
- building upon Borealis’ portfolio with DYM’s complementary products and technologies – thereby increasing the offering to the market; and
- improving the full system offering to better meet the growing market requirements for longer lifetime cables.
“Decarbonisation of the energy sector is creating substantial growth opportunities for the global wire and cable industry. Borealis and Borouge remain committed to assist our customers around the world with the most complete offering to enable this Energy transformation The DYM acquisition will complement our offering to better serve our clients,” says Lucrèce Foufopoulos, Borealis Executive Vice President Polyolefins, Innovation and Circular Economy Solutions.
“We see Borealis as a reliable and strong partner with an excellent track record for innovation and customer service and are very happy that the transaction has been successfully concluded. We look forward to our common future activities and have already identified potential future opportunities for growth enabled by the transaction. In other words, the deal will allow DYM Solution to secure a world-class method of compound production and to significantly expand its capabilities through continuous and organic cooperation with Borealis, and to provide services that far exceed customer requirements in the Wire and Cable industries. Therefore, the combination of DYM Solution and Borealis has the potential to serve the wire and cable customers around the world even better,” says DYM Solution Chief Executive and founder Mr. Park.
Borealis (www.borealisgroup.com) is a leading provider of innovative solutions in the fields of polyolefins, base chemicals and fertilizers. With its head office in Vienna, Austria, the company currently has around 6,600 employees and operates in over 120 countries. Borealis generated EUR 7.2 billion in sales revenue and a net profit of EUR 1,107 million in 2016. Mubadala, through its holding company, owns 64% of the company, with the remaining 36% belonging to Austria-based OMV, an integrated, international oil and gas company. Borealis provides services and products to customers around the world in collaboration with Borouge, a joint venture with the Abu Dhabi National Oil Company (ADNOC).
Established in 1992, DYM Solution Co. (http://en.dymsolution.co.kr/index.htm) , Ltd is a manufacturer of compound materials for cables. Its portfolio includes semiconductive and halogen-free flame retardant compounds as well as crosslinkable rubber and silane compounds. With company headquarters near Seoul, South Korea, DYM Solution has three compounding sites across the country, including a “smart” automated factory and dedicated research and development facilities. DYM Solution became a member of the Borealis Group in July 2020.