By Atsuko Fukase
TOKYO-- Asahi Kasei Corp. said Monday it has agreed to buy the
energy storage business of Charlotte, N.C.-based Polypore
International Inc. for $2.2 billion, marking the latest
multibillion-dollar deal by a Japanese company seeking growth.
The Tokyo-based maker of fibers and textiles said it would buy
Polypore's business specializing in microporous membranes for
$60.50 a share, a 28.4% premium to the 30-day average of the
company's share price.
In a statement, Asahi Kasei President Toshio Asano said the
environment and energy business is "an area of strategic focus for
us as we expand and grow, creating new value for the future."
At the same time, Polypore has agreed to sell the assets of its
Separations Media business to 3M for $1 billion. Separations Media
is a leading provider of microporous membranes and modules for
filtration in the life sciences.
Overseas acquisitions aren't new for Asahi Kasei. In 2012, it
bought Massachusetts-based Zoll Medical Corp. for $2.2 billion to
expand its business in critical care products for hospitals.
Monday's deal is the latest in a wave of acquisitions by
Japanese companies over the past month, despite the weakening
yen.
Japan Post Holdings Co. said last week it had agreed to acquire
the Australian logistics company Toll Holdings Ltd. for $5.1
billion.
Kintetsu World Express Inc., a Japanese airfreight operator,
said last week it had agreed to buy APL Logistics Inc. from
Singapore-based Neptune Orient Lines Ltd. for $1.2 billion.
On Feb. 10, Canon Inc. said it had agreed to acquire Axis
Communications AB of Sweden for $2.8 billion. And in January,
trading house Itochu Corp. jointly took a 20% stake in China's
Citic Ltd. with Thailand's Charoen Pokphand Group for $10
billion.
Write to Atsuko Fukase at atsuko.fukase@wsj.com
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