LANXESS Now Holds Purely Financial Interest in Lustran Polymers
Pittsburgh, PA, October 2, 2007
The Leverkusen-based chemicals group LANXESS has successfully completed two portfolio adjustments. Effective September 30, 2007, the former Lustran Polymers business unit became part of INEOS ABS, a newly formed joint venture with British chemicals group INEOS.
LANXESS initially holds a 49 percent financial interest in the joint venture, while the operating business is run by INEOS. This minority interest held by LANXESS in will also be acquired by INEOS in two years' time as agreed. LANXESS will thus be withdrawing completely from the ABS plastics business.
Also effective September 30, 2007, LANXESS has divested its wholly owned subsidiary Borchers GmbH to the OM Group (OMG) of the United States. Borchers, which specializes in additives for coatings, emulsion paints and printing inks, was considered a peripheral business of LANXESS.
About LANXESS
LANXESS is a leader in specialty chemicals with 2006 sales of EUR 6.94 billion and more than 16,000 employees in 21 countries. The company is represented at 47 production sites worldwide. The core business of LANXESS is the development, manufacture and sale of specialty chemicals, plastics, rubber and intermediates.
