Norwegian chemicals and materials company Elkem ASA has announced plans to sell the majority of its Silicones division to Bluestar. The transaction will be settled through the redemption of all 338.3 million Elkem shares held by Bluestar, leaving Bluestar with no ownership stake in the company.
Subject to shareholder approval at an extraordinary general meeting (EGM) in March 2026, the sale will streamline Elkem into a focused metals and materials company with a stronger balance sheet and improved financial flexibility.
The transaction includes all assets, rights, liabilities, and employees associated with the sold Silicones division. Certain Silicones assets—Yongdeng (China), Roussillon (France), and Chakan (India)—will remain with Elkem, with supply agreements in place to ensure operational continuity.Dag J. Opedal, Deputy Chair of Elkem’s Board, said, “This agreement is the result of a thorough strategic review and positions both Elkem and its Silicones division for long-term growth while delivering favorable outcomes for employees, shareholders, and stakeholders.
”Helge Aasen, CEO of Elkem, added, “By divesting the majority of the Silicones division, Elkem simplifies its business, focuses on core strengths, and strengthens its financial profile to pursue future growth opportunities in metals and materials globally.”
