 "Chemtura shareholders approve acquisition by Lanxess")
The shareholders of the Philadelphia (USA) based additives maker Chemtura on Wednesday gave their approval for the proposed the merger of the company with German specialty chemicals firm Lanxess. As per the deal, signed in September last year, Lanxess agreed to buy Chemtur in a transaction valued at approximately $ 2.5 billion.
Commenting on the latest development, Matthias Zachert, chairman of the board of management of Lanxess AG, said, “We are pleased that Chemtura’s shareholders are so supportive of the planned acquisition. Their approval is an important milestone on Lanxess’ route to becoming one of the major players in the field of additives chemistry.”
Clearance for the acquisition from the US antitrust authorities was already received at the end of December 2016. Lanxess expects to close the transaction in mid-2017 after all remaining regulatory approvals have been received.
Flame retardant and lubricant additives are the main pillars of Chemtura’s business and would complement the current Lanxess portfolio. After closing of the transaction, these two business activities will be integrated with Lanxess’ Rhein Chemie Additives business unit to form a new segment. Today, Rhein Chemie Additives already supplies a broad range of special additives and service products for the manufacture of plastics, rubber, lubricants and coatings.
Alongside the additives, Chemtura’s portfolio also includes urethanes and organometallics, which will be integrated into Lanxess as well. Chemtura has about 2,500 employees globally and operates at 20 sites in 11 countries.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%