Element Solutions, a specialty chemical technology company, announced an agreement to acquire Micromax from Celanese for approximately $500 million in cash. The acquisition, expected to close in the first quarter of 2026 pending regulatory approvals, will integrate Micromax into Element Solutions’ MacDermid Alpha Electronics Solutions business, further strengthening the company’s position in the electronics materials market.
Micromax is a world leader in advanced electronic inks and pastes engineered for performance, flexibility, and durability in demanding environments. Its products include conductive, resistive, and dielectric inks, as well as Low-Temperature Co-fired Ceramic (LTCC) materials used in multilayer circuits across industries such as aerospace, defense, and healthcare. The company’s materials innovation platform supports high-growth applications such as health wearables, low-earth-orbit satellites, electric vehicles, and data centers.
Element Solutions said the transaction will enhance its electronics portfolio, creating a $2 billion market-leading business in electronics performance technologies. The acquisition is expected to be accretive to adjusted earnings per share by more than 5% and contribute approximately $40 million in adjusted EBITDA on a full-year basis. The transaction will be funded through a mix of cash on hand and incremental debt.
KEY QUOTES:
“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.”
Benjamin Gliklich, Chief Executive Officer, Element Solutions
“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.”
Benjamin Gliklich, Chief Executive Officer, Element Solutions
