Posted in | News | Business | Rubber and Elastomer

Lanxess Takes Major Shareholding in Latin-America's Largest Rubber Manufacturer

Apr 8 2008

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Specialty chemicals group LANXESS AG has successfully completed the acquisition of an approximate 70 % holding in Petroflex S.A., Latin America’s biggest rubber producer.

LANXESS is paying some EUR 200 million for the package of shares. The transaction took legal and economic effect on April 1, 2008. Petroflex S.A. will be included in LANXESS’s consolidated financial statements from the second quarter of 2008. In accordance with local regulations, LANXESS will shortly issue a public takeover offer for the remaining shares.

“Petroflex ideally complements our product portfolio and strengthens our position in one of the world’s most important growth markets,” said Chairman of the LANXESS Board of Management Axel C. Heitmann. “In this way we are decisively reinforcing our position in Latin America and welcome our new employees with whom we want to continue growing.”

Posted April 8th,2008

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