Element Solutions Inc Announces Agreement to Acquire Micromax® from Celanese for ~$500 Million

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4:18 PM on Tuesday, October 28

The Associated Press

MIAMI--(BUSINESS WIRE)--Oct 28, 2025--

Element Solutions Inc (NYSE:ESI) ("Element Solutions," “ESI” or the “Company”), a global and diversified specialty chemical technology company, announced today that it has signed a definitive agreement to acquire Micromax from Celanese Corporation (NYSE: CE) for approximately $500 million in cash, subject to adjustments. The transaction is expected to close in the first quarter of 2026, subject to certain regulatory approvals and customary closing conditions. Upon the closing of the transaction, Micromax will become a part of ESI’s MacDermid Alpha Electronics Solutions business and will be reported within the Company’s Electronics segment.

Micromax® is a leading global supplier of advanced electronics inks and pastes designed for high performance electronics and known for durability, flexibility, and performance in harsh environments. The portfolio includes conductive, resistive, and dielectric thick film inks, as well as Low-Temperature Co-fired Ceramic (LTCC) materials for creating multilayer circuits. Micromax provides critical solutions to customers across a diverse range of industries, including specialized end-markets such as aerospace, defense and healthcare. The business has a materials innovation platform for emerging growth applications, such as health wearables, low earth orbit satellites, electric vehicles, and data centers.

Element Solutions’ Chief Executive Officer Benjamin Gliklich said, “Micromax is a great fit, enhancing our Electronics business’ customer value proposition and the breadth of high-value solutions we can offer to our supply chain. While operating in different segments than our MacDermid Alpha Electronics Solutions Business, Micromax is similar in that it is a leader in its focus areas which are also reliant on products co-developed with customers and that require high levels of applications expertise. Its product portfolio aligns with our core competencies in formulations capability and metals expertise with a high-touch, low capital intensity operating model. Equally importantly, the business brings a proven team of experienced, highly technical leaders in adjacent electronics materials segments. Following this transaction, our Electronics segment will boast one of the broadest product portfolios across the electronics supply chain with sales of approximately $2 billion.”

Mr. Gliklich continued, “Micromax’s portfolio aligns with our vision of offering the best products and solutions in our end markets and delivering exceptional value for our shareholders. The transaction meets our robust acquisition criteria and is consistent with our acquisition strategy of investing in areas we understand and growth businesses that we believe will thrive under our ownership. We are excited to welcome the Micromax team into the Element Solutions family and capitalize on the unique value opportunities associated with this transaction.”

Financial Details

Based on projected 2025 results, Micromax is expected to be more than 5% accretive to ESI’s adjusted earnings per share and contribute approximately $40 million to ESI’s adjusted EBITDA on a full-year basis at accretive metals-adjusted margins. Element Solutions expects to fund the transaction using a combination of cash on hand and incremental debt. The Company continues to have substantial incremental capacity to deploy capital to further accelerate growth in earnings per share.

About Element Solutions Inc

Element Solutions Inc is a leading global specialty chemicals company whose businesses supply a broad range of solutions that enhance the performance of products people use every day. Developed in multi-step technological processes, these innovative solutions enable customers' manufacturing processes in several key industries, including consumer electronics, power electronics, semiconductor fabrication, communications and data storage infrastructure, automotive systems, industrial surface finishing, and offshore energy.

More information about the Company is available at www.elementsolutionsinc.com.

Forward-looking Statements

This press release contains forward-looking statements, including, but not limited to, statements relating to the parties’ ability to receive the required regulatory approvals and satisfy other customary closing conditions in order to close the acquisition; Element Solutions’ ability to successfully integrate and obtain the anticipated benefits from this acquisition, including, but not limited to, its more than 5% accretion to ESI’s adjusted earnings per share, and contribution of approximately $40 million to ESI’s adjusted EBITDA on a full-year basis; enhancing ESI’s Electronics business customer value proposition and the breadth of its high-value solutions; alignment of core competencies in formulations capability and metals expertise; expected sales of the combined business; financing of the transaction and future capital allocation following the closing of the acquisition. These statements are based on management's estimates and assumptions with respect to financial performance and future events, and are believed to be reasonable, though are inherently difficult to predict. Actual results could differ materially from those projected as a result of certain factors including, without limitation, market and other general economic conditions, Element Solutions’ perception of future availability of financing as well as factors included in its periodic and other reports filed with the Securities and Exchange Commission. Element Solutions undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

View source version on businesswire.com:https://www.businesswire.com/news/home/20251028857298/en/

CONTACT: Investor Relations Contact:

Varun Gokarn

Vice President, Strategy & Integration

Element Solutions Inc

1-203-952-0369

[email protected] Contact:

Scott Bisang / Ed Hammond / Tali Epstein

Collected Strategies

1-212-379-2072

[email protected]

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