Specialty chemicals group LANXESS AG has announced two acquisitions in Asia.
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
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, visitwww.lanxess.com.