LANXESS and Advent International complete Engineering Materials joint venture
LANXESS holds about 40 percent of the joint venture, with Advent keeping a 60 percent stake in the joint venture.
LANXESS, a specialty chemicals company, and private equity investor Advent International havecompleted the formation of their engineering materials joint venture (JV) effective April 1, 2023, which sees the amalgamation of DSM’s Engineering Materials business and LANXESS’ former High Performance Materials business.
LANXESS holds about 40 percent of the joint venture, with Advent keeping a 60 percent stake. LANXESS, which reported sales of Euro 8.1 billion in 2022, also received a cash payment of around Euro 1.3 billion, as part of the agreement.
LANXESS is using this mainly to reduce its debt and strengthen its balance sheet. As financial support for the joint venture, LANXESS will be providing a loan of Euro 200 million.
RELATED ARTICLES
Hindustan Zinc Integrates Emerging Technologies to Enhance Mining Operations
Hindustan Zinc Limited introduces a series of technology-driven solutions across its mining and smelting operations, foc...
Tata Capital Strengthens Vehicle Financing Arm with Tata Motors Finance Merger
Tata Capital aims to significantly enhance its customer base in commercial vehicle and passenger vehicle financing throu...
MG Windsor PRO Records 8,000 Bookings Within 24 Hours of Launch
JSW MG Motor India’s new electric vehicle, the Windsor PRO, receives 8,000 bookings within a day of launch. The vehicle ...