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LANXESS and Saudi Aramco Complete Joint Venture Deal - Earlier today, specialty chemicals company LANXESS and Saudi Aramco have completed the formation of their 50-50 joint venture for synthetic rubber, ARLANXEO - LANXESS.com
LANXESS and Saudi Aramco Complete Joint Venture Deal

 

PRZOOM - /newswire/ - Cologne, Germany, 2016/04/01 - Earlier today, specialty chemicals company LANXESS and Saudi Aramco have completed the formation of their 50-50 joint venture for synthetic rubber, ARLANXEO - LANXESS.com. FRA: DE Frankfurt: LXS

   
 
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• ARLANXEO joint venture launches on April 1, 2016 as planned;
• LANXESS received cash proceeds of around EUR 1.2 billion;
• Composition of ARLANXEO’s Shareholders’ Committee announced.

The deal was first announced in September 2015, and all relevant antitrust authorities had cleared the transaction by February 2016.

With the closing of the transaction, a 50 percent share in the joint venture ARLANXEO was transferred to Dutch Saudi Aramco subsidiary, Aramco Overseas Holdings Coöperatief U.A. In return, LANXESS received cash proceeds of around EUR 1.2 billion.

LANXESS plans to invest around EUR 400 million of the proceeds from the transaction in organic growth. Another roughly EUR 400 million is earmarked for a further reduction of its financial debt position and around EUR 200 million are planned to be used for a share buyback program.

With the launch of ARLANXEO, the composition of the company’s Shareholders‘ Committee was also announced. It is chaired by LANXESS’ Chairman of the Board of Management Matthias Zachert. Warren W. Wilder, Vice President Chemicals at Saudi Aramco, is Vice Chairman. The additional members of ARLANXEO’s Shareholders’ Committee are Michael Pontzen, LANXESS’ Chief Financial Officer, and Khalid H. Al-Dabbagh, Controller at Saudi Aramco.

LANXESS (lanxess.com) is a leading specialty chemicals company with sales of EUR 7.9 billion in 2015 and about 16,200 employees in 29 countries. The company is currently represented at 52 production sites worldwide. The core business of LANXESS is the development, manufacturing and marketing of chemical intermediates, specialty chemicals and plastics. Through ARLANXEO, the joint venture with Saudi Aramco, LANXESS is also a leading supplier of synthetic rubber. LANXESS is listed in the leading sustainability indices Dow Jones Sustainability Index (DJSI World) and FTSE4Good.

 
 
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Agency / Source: LANXESS

 
 

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LANXESS and Saudi Aramco Complete Joint Venture Deal

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LANXESS | ARLANXEO
Contact: Rudolf Eickeler - LANXESS.com 
+49 221 8885 4483 rudolf.eickeler[.]lanxess.com
 
PRZOOM / PRTODAY - Newswire Today disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any LANXESS securities in any jurisdiction including any other companies listed or named in this release.

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