Element Solutions to Acquire Micromax® from Celanese in $500 Million Deal, Expanding Leadership in Advanced Electronics Materials
(“Element Solutions,” “ESI,” or the “Company”), a global and diversified specialty chemical technology company, announced today that it has entered into a definitive agreement to acquire Micromax® from Celanese Corporation (NYSE: CE) for approximately $500 million in cash, subject to customary closing adjustments.
The acquisition represents a significant strategic step in Element Solutions’ ongoing commitment to expanding its presence in high-performance electronics materials and strengthening its position as a global leader in specialty chemical technologies that enable next-generation applications. The transaction is expected to close in the first quarter of 2026, subject to regulatory approvals and customary closing conditions. Upon completion, Micromax will become part of Element Solutions’ MacDermid Alpha Electronics Solutions business and will be reported within the Company’s Electronics segment.
Micromax: A Global Leader in Advanced Electronics Materials
Micromax® is recognized worldwide as a leading supplier of high-performance electronic inks, pastes, and advanced materials engineered for use in harsh and demanding environments. Its broad and technologically sophisticated portfolio includes:
- Conductive, resistive, and dielectric thick-film inks
- Low-Temperature Co-fired Ceramic (LTCC) materials used in the fabrication of multilayer electronic circuits
- Specialty materials for next-generation electronic applications, such as wearables, satellite systems, and electric vehicles
Micromax’s products are integral to high-reliability applications that demand durability, flexibility, and precision. The business serves an impressive and diversified customer base across aerospace, defense, automotive, healthcare, and industrial electronics sectors.
In addition to its strong existing business, Micromax has built a robust materials innovation platform targeting emerging, high-growth markets such as low-earth orbit (LEO) satellites, health wearables, electric vehicles, and advanced data centers. This innovation pipeline positions the company at the forefront of the accelerating global demand for specialized electronic materials that enable the digital and connected world.
Strategic Rationale: Expanding ESI’s Electronics Leadership
The acquisition of Micromax reinforces Element Solutions’ strategy of expanding its high-margin, high-technology portfolio within the electronics value chain. By integrating Micromax into its MacDermid Alpha Electronics Solutions business, ESI will broaden its product offering and extend its capabilities across multiple critical steps in the electronics manufacturing process.
Benjamin Gliklich, Chief Executive Officer of Element Solutions Inc, emphasized the strategic fit of the transaction, stating:
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.
He continued,
Its product portfolio aligns with our core competencies in formulation capability and metals expertise, supported by 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.
Strengthening ESI’s Position in Specialty Chemicals and Advanced Materials
The combination of Micromax’s specialized materials platform with Element Solutions’ global scale, formulation expertise, and technical service infrastructure creates a highly complementary fit. Both businesses share a customer-centric innovation model, working closely with global OEMs and tier suppliers to co-develop materials that meet the evolving demands of the electronics industry.
Element Solutions’ electronics division—MacDermid Alpha Electronics Solutions—already provides soldering materials, surface finishing chemistries, and assembly solutions used in printed circuit boards, semiconductor packaging, and interconnect technologies. By adding Micromax’s inks and LTCC materials to its portfolio, ESI enhances its ability to serve the full spectrum of the electronics manufacturing ecosystem—from substrate design to end-device assembly.
This acquisition also deepens ESI’s engagement with markets undergoing technological transformation. Growth in areas such as electrification, connectivity, and data infrastructure is creating unprecedented demand for advanced materials that can operate reliably under extreme conditions. Micromax’s proven solutions for aerospace, defense, and medical electronics align perfectly with these trends and complement ESI’s focus on high-value, application-critical technologies.
Financial Impact and Transaction Details
Under the terms of the agreement, Element Solutions will acquire Micromax for approximately $500 million in cash, subject to customary post-closing adjustments. The Company expects to fund the transaction through a combination of existing cash and incremental debt financing.
Based on projected 2025 performance, Micromax is expected to contribute approximately $40 million in adjusted EBITDA on a full-year basis at accretive metals-adjusted margins. The transaction is anticipated to be more than 5% accretive to ESI’s adjusted earnings per share upon completion and fully integrated on a run-rate basis.
Element Solutions highlighted that the acquisition meets all of its strategic and financial investment criteria—targeting high-growth, high-return businesses within the Company’s area of expertise and offering strong synergy opportunities without significant capital intensity.
CEO Commentary: Aligned with ESI’s Growth Vision
In a statement accompanying the announcement, CEO Benjamin Gliklich further noted:
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 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. Together, we will capitalize on the unique value opportunities associated with this transaction and drive innovation across the electronics materials landscape.
Integration Plans: Synergies and Growth Opportunities
Following the closing, Micromax will become part of the MacDermid Alpha Electronics Solutions business within Element Solutions’ Electronics segment. ESI plans to leverage its global R&D, manufacturing, and commercial infrastructure to accelerate Micromax’s growth while maintaining its focus on customer collaboration and technical excellence.
The company expects meaningful operational and commercial synergies, including:
- Enhanced market reach through ESI’s global electronics network in Asia, Europe, and North America.
- Cross-selling opportunities across complementary product lines and shared customer relationships.
- Supply chain optimization through shared raw material sourcing and logistics efficiencies.
- Accelerated innovation by integrating Micromax’s R&D teams with ESI’s advanced materials research centers.
By combining the complementary strengths of both organizations, ESI aims to position itself as a comprehensive solutions provider for advanced electronics manufacturing, from materials design to assembly and reliability testing.
Commitment to Innovation and Sustainability
The acquisition also reinforces Element Solutions’ long-term commitment to sustainability and responsible innovation. Both ESI and Micromax have strong track records of developing materials that enable smaller, lighter, and more energy-efficient electronic systems.
Micromax’s materials are designed to reduce waste, improve performance longevity, and enhance resource efficiency—key priorities in the electronics industry’s drive toward circularity and environmental stewardship. Under Element Solutions’ ownership, the combined organization will continue to invest in technologies that reduce the carbon footprint of electronic manufacturing processes and support the global shift toward sustainable production.
A Stronger Platform for Future Growth
With the addition of Micromax, Element Solutions’ Electronics segment will have annualized sales approaching $2 billion, making it one of the most comprehensive and technically sophisticated suppliers in the global electronics materials market. The transaction further diversifies ESI’s revenue base, strengthens its margin profile, and expands its customer reach into new, fast-growing application areas.
The acquisition also underscores ESI’s disciplined capital allocation strategy. Even after funding the transaction, the Company expects to maintain substantial capacity for additional investments that further accelerate growth in earnings per share and shareholder value.
About Element Solutions Inc
Element Solutions Inc (NYSE: ESI) is a global and diversified specialty chemicals company providing innovative solutions that enable technology and performance across multiple industries. The Company’s businesses supply specialty chemistries and materials used in electronics, automotive, aerospace, energy, and industrial manufacturing.
ESI operates through two main segments—Electronics (MacDermid Alpha Electronics Solutions) and Industrial & Specialty—serving customers worldwide with a focus on innovation, sustainability, and long-term partnership.
About Micromax®
Micromax®, a business of Celanese Corporation, is a global leader in high-performance electronic materials, specializing in thick-film inks, LTCC materials, and advanced pastes used to manufacture electronic circuits and devices. With a legacy of innovation and a strong focus on reliability, Micromax products are widely used in aerospace, defense, healthcare, and industrial electronics applications.
This release contains forward-looking statements, including those regarding the expected timing and completion of the acquisition, projected financial impacts, and anticipated synergies. These statements involve risks and uncertainties that may cause actual results to differ materially. Element Solutions undertakes no obligation to update these statements except as required by law.
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