Lanxess: Acquisition and Sale
Chemicals group Lanxess is purchasing the chrome chemicals activities of The Dow Chemical Company in South Africa. Lanxess is to acquire the 50% interest in Chrome International South Africa (CISA), Newcastle, South Africa, which The Dow Chemical Company currently owns through its subsidiary Sentrachem. The remaining 50% of CISA is already owned by Lanxess. It has been agreed not to disclose the purchase price. Closing of the transaction, which is subject to the approval of the antitrust authorities and the Board of The Dow Chemical Company, is expected for the first quarter of 2007.
At the same time, Lanxess is divesting all the activities of its Textile Processing Chemicals (TPC) business unit in North America. Star Chem, a specialist in textile and speciality chemicals, will acquire the operations based in the United States and Canada and will employ major parts of the workforces. StarChem is a subsidiary of Star Holdings, Inc., Dalton, Georgia, USA, and will be headquartered in Wellford, South Carolina, USA.
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