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LANXESS subsidiary LANXESS India Private Ltd. will acquire the chemical businesses and assets of Indian company Gwalior Chemical Industries Ltd. for €82.4 million, including debt. The transaction is subject to formal approval by Gwalior’s shareholders and clearance by the relevant antitrust authorities. Closing is expected at the end of the third quarter of 2009.
LANXESS will also acquire the business and production assets of Chinese-based Jiangsu Polyols Chemical Co. Ltd. Both parties have agreed not to disclose the purchase price. Closing of this transaction is expected in the third quarter of 2009. The medium-sized company, which was founding in 2006, is located in Liyang, west of Shanghai.
“These acquisitions in India and China are further milestones in our company’s long-term growth strategy in the BRIC countries,” said Axel C. Heltmann, chairman of LANXESS’s Board of Management. “Gwalior’s business complements the portfolio of our Basic Chemicals business unit and our first acquisition in India will strengthen our production base in this exciting market.”
For more information, visit www.lanxess.com.