Arkema acquires Chinese chemical firms Hipro and Casda

French chemicals producer Arkema is to acquire Chinese companies Hipro Polymers, a producer of bio-sourced polyamide 10.10, and Casda Biomaterials, which focuses on sebacic acid that is derived from castor oil and used to manufacture polyamide 10.10.

Both companies report aggregate sales estimated at $230m (£145.5m) for 2011 and employ 750 people on two sites in China.

The acquisition price is based on an enterprise value of $365m for 100 per cent of the capital of both companies.