Asahi Kasei Corp. has offloaded Daramic, its lead battery separator business, to Los Angeles-based private equity firm Kingswood Capital Management LP, completing a sale that unwinds part of a $2.2 billion acquisition made a decade ago.
The transaction, which closed on December 1, comes without a disclosed purchase price. The Tokyo-based conglomerate described the financial impact on its fiscal 2025 results as immaterial—a characterization that leaves unanswered questions about the return on its 2015 investment.
Asahi Kasei acquired Daramic as part of its purchase of Polypore International’s energy storage business, which also included the Celgard lithium-ion battery separator unit. At the time, the company positioned itself as a comprehensive battery materials supplier serving both traditional and next-generation energy storage markets.
The divestiture reflects a shift in priorities. Asahi Kasei indicated it will now concentrate on its Hipore wet-process lithium-ion separator technology, targeting automotive customers in North America, Japan and Korea. The company also cited electronics and pharmaceuticals as core growth areas under its “Trailblaze Together” medium-term plan.
The sale follows Asahi Kasei’s recent exit from methyl methacrylate production, signaling a broader effort to streamline its sprawling materials portfolio. Whether these moves generate the promised capital efficiency gains remains to be seen.
