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Lanxess to pay €2.4 billion for Chemtura

German chemicals firm Lanxess has announced plans to increaseits presence in the US by acquiring Philadelphia-based Chemtura.

The purchase announced on 26 September will cost Lanxess around €2.4 billion. The deal has to first pass anti-competition regulations, but is projected to be completed by mid-2017. Chemtura’s main strengths are in plastics additives for flame retardants and lubricants. The latter are sold under the tradename Anderol. The firm also makes polyesters for use in food processing machinery and bottling lines.

Matthias Zachert is chairman of the Lanxess board. He says: ‘We are significantly building on our competitive positioning in medium-sized markets and increasing our presence in North America. Lanxess is taking a next and major step forward on its growth path.

‘With this acquisition, we are forming a champion in the field of additives and are strengthening our already profitable portfolio. Through the acquisition, we are further implementing our strategy to become a more resilient and profitable chemical company.’

This article comes from Food Contact World, which provides exclusive news and analysis on developments in digital print trends, markets, and technologies.