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LANXESS sells its chrome chemicals business to Brother Enterprises
Specialty chemicals company LANXESS is selling its South Africa chrome chemicals business to Brother Enterprises, a Chinese leather chemicals producer. Both companies signed a respective agreement on August 12th 2019. The transaction is still subject to approval by the relevant antitrust authorities. However, the planned transaction is expected to be completed by the end of 2019.
“We have successfully reorganized our chromes chemicals business in recent years. However, it no longer fits in with our strategic focus on specialty chemicals. We are therefore convinced that future growth and the further development of the business can be better implemented under the leadership of Brother Enterprises,” said Matthias Zachert, Chairman of the Board of Management of LANXESS AG.
Robert Shan, Managing Director at IEG – China states: “It was a strategic decision of Brother and an exemplary global success of a Chinese company through a bidding process. With this transaction, Brother will become the global leader in respective leather chemical and pharmaceutical business.”
Mirko Heide, Executive Director at IEG – Investment Banking Group, further adds: “This Sino-German transaction is a great success. We are proud to have supported Brother on this important acquisition.”
IEG – Investment Banking Group has acted as exclusive financial advisor to Brother Enterprises on this cross-border transaction.
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