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LANXESS completes sale of chrome chemicals business to Brother Enterprises

January 13/2020

MOSCOW (MRC) -- Specialty chemicals company LANXESS on January 10, 2020, completed the sale of its chrome chemicals business. The buyer is Brother Enterprises, a Chinese leather chemicals producer, the German chemicals producer said.

All relevant antitrust authorities have given the necessary approvals for the transaction, which was announced in August 2019. Upon completion of the transaction, LANXESS has received cash proceeds of approximately EUR 80 million.

With this transaction, Brother Enterprises has also taken over the Newcastle site in South Africa with around 220 employees from LANXESS. At the site sodium dichromate is produced, some of which is processed into chromic acid. In Merebank, South Africa, LANXESS will continue to manufacture chrome tanning salts from sodium dichromate exclusively for Brother Enterprises on a contract basis, presumably until 2024.

As MRC informed earlier, LANXESS has acquired Brazilian biocide manufacturer Itibanyl Produtos Especiais Ltda (IPEL) to further expand its global biocide production network. Both companies signed an agreement to this effect on Thursday November 28, 2019. The parties have agreed not to disclose the purchase price. The transaction is still subject to the approval of the responsible antitrust authorities and is expected to be completed in the first quarter of 2020.

Earlier, Covestro has closed the sale of its European polycarbonates (PC) sheets business to the Munich-based Serafin Group effective January 2, 2020. This includes key management and sales functions throughout Europe as well as production sites in Belgium and Italy.

According to MRC's ScanPlast report, Russia's estimated consumption of PC granules (excluding imports and exports to\from Belarus) fell in January-November 2019 by 14% year on year to 70,700 tonnes (62,000 tonnes a year earlier).

LANXESS is a leading specialty chemicals company with sales of EUR 7.2 billion in 2018. The company currently has about 15,500 employees in 33 countries and is represented at 60 production sites worldwide. The core business of LANXESS is the development, manufacturing and marketing of chemical intermediates, additives, specialty chemicals and plastics.


mrcplast.com
Author:Anna Larionova
Tags:petroleum products, PK, PC granules, PC compounds, coatings, Arlanxeo (Lanxess), Covestro, Lanxess.
Category:General News
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