October 4, 2024 15:35

Lanxess has signed an agreement with the Japanese group UBE Corporation for the sale of its polyurethane systems business for elastomers, coatings, and adhesives, the last of the German chemical group’s polymer portfolio.

“The sale of Urethane Systems marks another milestone in our fast transformation into a pure-play specialty chemicals company, as we are divesting the last remaining polymer business in our portfolio. We are convinced that the Urethanes business will have significantly enhanced opportunities for growth and development under the umbrella of UBE,” says Matthias Zachert, Chairman of the Board of Management of Lanxess. ”At the same time, we are using the proceeds from the transaction to strengthen our balance sheet by further reducing our net debt.”

The Urethane Systems division, valued at 400 million euros, includes five production sites and application laboratories in the United States, Europe, and China, with 400 employees and an annual turnover of around 250 million euros.

The transaction, subject to approval by the relevant authorities, could be completed in the first half of 2025.

© Polimerica -  Reproduction prohibited, all rights reserved