Lanxess: Acquisitions in Asia
Specialty chemicals group Lanxess AG is underpinning its long-term growth strategy in the BRIC countries with two acquisitions in Asia.
Lanxess subsidiary Lanxess India Private Ltd will acquire the chemical businesses and assets of stock market listed Indian company Gwalior Chemical Industries Ltd for EUR 82.4 million, including debt. Closing is expected at the end of the third quarter of 2009. Founded in 1978, Gwalior’s headquarters are based in Mumbai and the company employs about 400 permanent staff. In the first nine months of its business year 2008/2009 (end March 31), Gwalior achieved sales of approximately EUR 45.7 million. The company is one of the largest Indian producers of benzyl products and one of the leading global producers of sulphur chlorides for the agrochemicals and pharmaceuticals as well as for the flavor and fragrance industries. It is Lanxess’s first acquisition in India.
Lanxess will also acquire the business and production assets of Chinese-based Jiangsu Polyols Chemical Co. Ltd. Both parties have agreed not to disclose the purchase price. Closing of this transaction is expected in the third quarter of 2009. The medium-sized company, which was founded in 2006, is located in Liyang, west of Shanghai and achieved sales of about EUR 10 million in 2008 and currently employs some 170 staff. It mainly produces trimethylolpropane (TMP) that is used in lubricants, paints, and coatings. Lanxess’s business unit Basic Chemicals is already a major supplier of TMP in China and will integrate Jiangsu into its global operations.
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