According to Elkem, the decision to initiate the strategic review follows a thorough assessment of the growth and return prospects, as well as its capital allocation strategy and the market dynamics in the silicones business.

Elkem's Silicones division products, ranging from silicon metal to upstream siloxanes and downstream silicone specialties, have multiple applications and are serving several end-markets. The division has a global production footprint with sites in France and China and provides both upstream and downstream specialty exposure.

The Silicones business reported a year-to-date operating income of 10,962 million Norwegian kroner (about €932 million), which was 2% higher than the corresponding period in 2023, Elkem said. The year-to-date EBITDA was 145 million Norwegian kroner (about €12.3 million) as of 30 September 2024.

According to Elkem, the Improvements in 2024 results are driven by operational efficiencies, better utilization and higher volumes, as well as ramp-up of new capacity. The financial improvements in the Silicones division have continued throughout 2024, the company sated.