Sumitomo Chemical Co. Ltd. has acquired Syensqo SA/NV's liquid crystal polymer neat resin business.
Tokyo-based Sumitomo announced the deal on Feb. 10. Terms were not disclosed.
Sumitomo officials called LCP resins a key business for the company and said they will expand it through partnerships with other companies. Sumitomo aims to double the current sales revenue of the business by the early 2030s.
Sumitomo cited information and communications technology (ICT) and mobility as key growth markets for LCP resins.
Brussels, Belgium-based Syensqo was formed in 2022 when it was spun off from Solvay. Its remaining high-performance polymers businesses include polysulfones, fluoropolymers, polyetheretherketone and long-fiber thermoplastic (LFT) compounds.
The LCP neat resins that Sumitomo has acquired are known for their high heat resistance, fluidity and dimentional accuracy.
"In recent years, LCP has garnered attention as a material for such things as power devices to meet increased electrical demand and the shift to EVs, next-generation millimeter-wave radar for autonomous driving, and high-capacity connectors for data centers. From this, the LCP market is expected to achieve further growth," Sumitomo said in a news release.