Lanxess recently signed an agreement to acquire Chemtura Corp., a global provider of lubricant additives. The transaction, which is expected to close in 2017, is subject to approval by Chemtura shareholders and other customary closing conditions.
Headquartered in Philadelphia, Chemtura's additives business includes synthetic lubricants for industrial applications, such as in power generation and aviation. The company has 20 sites in 11 countries and approximately 2,500 employees worldwide.
"The transaction provides premium value to our shareholders and benefits our customers and employees by making Chemtura part of a much larger, stronger global enterprise with the resources to fully support a more diverse suite of specialty chemicals products and services," said Craig A. Rogerson, president and CEO of Chemtura.
After the closing of the transaction, Chemtura's two additive segments along with Lanxess' Rhein Chemie Additives business unit will form the new Performance Additives segment, which already offers a wide range of specialty additives and service products for plastics, rubber, lubricants and colorants production.
"With this acquisition, we are forming a champion in the field of additives and are strengthening our already profitable portfolio," said Matthias Zachert, Lanxess chairman of the board. "We are significantly building on our competitive positioning in medium-sized markets and increasing our presence in North America."
For more information, visit www.lanxess.com.