Elkem

Board/Management Information • Jun 22, 2022

Elkem appoints new SVP for Silicones division

Elkem appoints new SVP for Silicones division

Larry Zhang has been appointed as the new Senior Vice President for Elkem's

Silicones division, a leading global player in fully integrated silicone

manufacturing. He will step into the role with immediate effect and be based in

Shanghai, China.

Mr. Zhang comes from the position as the Vice President for Operations in

Elkem's Silicones division and Director of the Asia-Pacific region. He has

significant leadership experience from China National Bluestar and holds an

engineering degree from Central South University. This follows the previously

announced appointment of Frederic Jacquin as Elkem's Senior Vice President for

Strategy & Business Development from 1 March 2022.

Elkem is a fully integrated producer from silicon metal to upstream siloxane and

downstream silicone specialties. The Silicones division in Elkem has more than

4400 employees, 14 multi-functional manufacturing sites and 13 research and

innovation centres around the globe. It offers a full range of silicone

solutions for diverse specialty markets, and in 2021 delivered revenues of NOK

17.4 billion.

"Elkem is one of the world's leading suppliers of silicon-based advanced

material solutions shaping a better and more sustainable future, and we are

proud to be a global leader in fully-integrated silicone manufacturing. Elkem

pursues a strategy of growth through operational excellence and increased

specialisation, and this will continue in the Silicones division under Larry's

strong leadership. Silicones will also continue to develop and grow both in

China and the rest of the world, supported by megatrends such as the green

transition and the rise of middle class worldwide. I know Larry as a committed

business leader and I very much look forward to having him as a member of

Elkem's corporate management team. With this change, our corporate management

represents five nationalities from three continents, further reflecting Elkem's

diverse global organisation," says Elkem's CEO Helge Aasen.

Due to its wide range of application areas, silicone solutions are used in a

large number of products and industries, including manufactured goods,

construction materials, electronics and consumer items. An electric vehicle

contains on average four times more silicones than a traditional car, as the

insulation material of choice for EV battery cables. Silicones also enable CO2

reductions equal to nine times the emissions from production and end-of-life.

In April 2021, the Elkem board approved a NOK 3.8 billion strategic expansion of

the Xinghuo Silicones plant in China to strengthen Elkem's position in the

fastest growing silicones market and to further support the specialisation

strategy. In addition to supporting Elkem´s specialisation and growth strategy,

the project will also significantly improve Elkem's overall cost position and

environmental profile based on state-of-the-art technology.

In July 2021, Elkem announced the official opening of its new EUR 25 million

Research & Innovation Centre in Saint-Fons in Lyon's "Chemical Valley" in

France, hosting 120 researchers to work on innovations in partnership with

customers, mainly in the fields of the circular economy, digitalisation,

consumer goods, living comfort and new materials for energy and mobility. Elkem

also announced, in October 2021, a EUR 36 million capacity extension of its

upstream silicone intermediate units in Roussillon in France, which in February

2022 received financial support from the French government.

For further information, please contact:

Fredrik Norman

VP Corporate Communications & Public Affairs

Tel: +47 918 66 567

E-mail: fredrik.norman@elkem.com

Odd-Geir Lyngstad

VP Finance & Investor Relations

Tel: +47 976 72 806

Email: odd-geir.lyngstad@elkem.no

About Elkem

Elkem is one of the world's leading providers of advanced material solutions

shaping a better and more sustainable future. The company develops silicones,

silicon products and carbon solutions by combining natural raw materials,

renewable energy and human ingenuity. Elkem helps its customers create and

improve essential innovations like electric mobility, digital communications,

health and personal care as well as smarter and more sustainable cities. With a

strong track record since 1904, its global team of more than 7,000 people has a

joint commitment to stakeholders: Delivering your potential. In 2021, Elkem

obtained a Platinum score from EcoVadis, which rated the company among the

world's top 1% on sustainability transparency, and the company achieved an

operating income of NOK 33.7 billion. Elkem is listed on the Oslo Stock Exchange

(ticker: ELK). www.elkem.com