Lanxess and Saudi Aramco Create Rubber Joint Venture
Specialty chemicals company Lanxess AG and Saudi Aramco, state-owned oil company of the Kingdom of Saudi Arabia, have announced Arlanxeo, the name of their new joint venture for synthetic rubber. All relevant antitrust authorities have cleared the transaction. Hence, the joint venture will be launched as Arlanxeo on April 1, 2016.
“We will establish Arlanxeo as a new and independent player in the global market for synthetic rubber. And we are convinced that, in the world of rubber, Arlanxeo will become a strong brand,” said Matthias Zachert, Chairman of the Board of Management of Lanxess AG and future Chairman of the Shareholders’ Committee of Arlanxeo. “Under its new name, Arlanxeo will build on the customer focus, recognition and reputation of both Saudi Aramco and Lanxess, which both partners are very proud of,” said Abdulrahman Al-Wuhaib, Senior Vice President Downstream, Saudi Aramco.
On September 22, 2015, Lanxess and Saudi Aramco signed an agreement to create a 50:50 joint venture for the development, production, marketing, sale and distribution of synthetic rubber used in the global tire industry, auto-parts manufacturing and a wide range of other applications. Arlanxeo will be headquartered in the Netherlands. The partners will soon appoint the management team that will run the joint venture. Each partner will have equal representation on the boards overseeing the company. The CEO will be appointed by Lanxess and the CFO by Saudi Aramco.
Would you like to subscribe to our Newsletters on plastics technology and profit from the latest information?
Looking for a new challenge? Check out our jobs market!
Patents encourage innovation: Stay on the ball with the latest innovations in the plastics industry in our patents section.