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Business

China’s Bluestar Buying Norway’s Elkem

by Michael McCoy
January 17, 2011 | APPEARED IN VOLUME 89, ISSUE 3

The Norwegian firm Orkla has agreed to sell its Elkem subsidiary to China National Bluestar for $2 billion. Elkem, which had 2009 sales of about $1.2 billion, produces solar-grade silicon, microsilica, and alloys for the foundry industry. Bluestar, with annual sales of more than $6 billion, is 80% held by state-owned ChemChina and 20% by the Blackstone Group, a private equity firm. Among Bluestar’s acquisitions in recent years was Rhodia’s silicones business.

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