MOSCOW (MRC) -- Lanxess and Saudi Aramco have announced the members of the executive board of Arlanxeo (Maastricht, Netherlands), their previously announced 50-50 synthetic rubber joint venture, said the company on its site.
Each company will have equal representation on the four-member board. Since the antitrust approval process for the jv has been completed earlier than expected, Arlanxeo will launch on 1 April. The appointments are effective from this date. Lanxess will be represented by Jan Paul de Vries, who will be CEO of Arlanxeo, and Jorge Nogueira.
Saudi Aramco will be represented by Ali Ba-Baidhan and Fayez Alsharef who will become Chief Financial Officer and Chief Procurement Officer, respectively. In addition, Johan Gerrese from Saudi Aramco will become ARLANXEO's General Counsel and Secretary.
The headquarters of ARLANXEO will be in Maastricht, Netherlands.
As MRC informed earlier, Lanxess was in talks to put its main synthetic rubber business into a joint venture with petrochemicals group Ineos, four people familiar with the matter told Reuters. Lanxess also held talks with Saudi Arabian Oil Company (Saudi Aramco) and Russia's NKNK and Sibur.
Lanxess is a leading specialty chemicals company with sales of EUR 8.0 billion in 2014 and about 16,600 employees in 29 countries. The company is currently represented at 52 production sites worldwide. The core business of Lanxess is the development, manufacturing and marketing of plastics, rubber, intermediates and specialty chemicals.