Lanxess: Investment in BioAmber
Lanxess AG, Leverkusen, is strengthening its commitment to renewable raw materials by investing USD 10 million in U.S. company BioAmber, Inc., based in Minneapolis, MI, as part of a private placement.
BioAmber is a global leader in succinic acid produced from renewable resources such as corn. Together, the two companies have developed plasticizers, whose cost-effectiveness and safety profile make them sustainable alternatives to phthalate-containing formulations. Market entry is expected later this year. In addition, both companies are in talks to extend their partnership into further product areas in the future.
As part of the investment, Lanxess has received a minority shareholding in BioAmber and a seat on the Board of Directors, which will be filled by Jorge Nogueira, head of Lanxess’ Functional Chemicals business unit that manufactures phthalate-free plasticizers. BioAmber was founded in October 2008 and has 40 full-time employees.
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