Asahi Kasei completed its acquisition of Polypore International.
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.
