Agency / Source: LANXESS

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LANXESS Completes Sale of Chrome Chemicals Business to Brother Enterprises - Specialty chemicals company LANXESS today, January 10, 2020, completed the sale of its chrome chemicals business. The buyer is Brother Enterprises, a Chinese leather chemicals producer - Brother.com.cn / LANXESS.com
LANXESS Completes Sale of Chrome Chemicals Business to Brother Enterprises

 

PRZOOM - /newswire/ - Cologne, North Rhine-Westphalia, Germany, 2020/01/10 - Specialty chemicals company LANXESS today, January 10, 2020, completed the sale of its chrome chemicals business. The buyer is Brother Enterprises, a Chinese leather chemicals producer - Brother.com.cn / LANXESS.com. FRA: DE Frankfurt: LXS

   
 
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All relevant antitrust authorities have given the necessary approvals for the transaction, which was announced in August 2019. Upon completion of the transaction, LANXESS has received cash proceeds of approximately EUR 80 million.

With this transaction, Brother Enterprises (brother.com.cn) has also taken over the Newcastle site in South Africa with around 220 employees from LANXESS. At the site sodium dichromate is produced, some of which is processed into chromic acid. In Merebank, South Africa, LANXESS will continue to manufacture chrome tanning salts from sodium dichromate exclusively for Brother Enterprises on a contract basis, presumably until 2024.

LANXESS (lanxess.com) is a leading specialty chemicals company with sales of EUR 7.2 billion in 2018. The company currently has about 15,500 employees in 33 countries and is represented at 60 production sites worldwide. The core business of LANXESS is the development, manufacturing and marketing of chemical intermediates, additives, specialty chemicals and plastics. LANXESS is listed in the leading sustainability indices Dow Jones Sustainability Index (DJSI World and Europe) and FTSE4Good.

Forward-Looking Statements
This company release contains certain forward-looking statements, including assumptions, opinions, expectations and views of the company or cited from third party sources. Various known and unknown risks, uncertainties and other factors could cause the actual results, financial position, development or performance of LANXESS AG to differ materially from the estimations expressed or implied herein. LANXESS AG does not guarantee that the assumptions underlying such forward-looking statements are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecast developments. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, any information, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and accordingly, no representative of LANXESS AG or any of its affiliated companies or any of such person's officers, directors or employees accept any liability whatsoever arising directly or indirectly from the use of this document.

 
 
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Agency / Source: LANXESS

 
 

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LANXESS Completes Sale of Chrome Chemicals Business to Brother Enterprises

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Brother Enterprises | LANXESS
Contact: Ingo Drechsler - LANXESS.com 
+49 221 888 53790 ingo.drechsler[.]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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