LANXESS completes acquisitions in India and China
German specialty chemicals group LANXESS has successfully completed the acquisitions of the chemical businesses and production assets belonging to Indian company Gwalior Chemical Industries Ltd as well as China’s Jiangsu Polyols Chemical Co. Ltd. The transactions have received the necessary approvals from the anti-trust authorities and Gwalior shareholders. Both transactions have taken economic and legal effect on September 1, 2009.
Benzaldehyde plant of Gwalior Chemical Industries Ltd in Nagda: Benzaldehyde is one of the portfolio extension products for LANXESS in the product range of Gwalior.
LANXESS AG
LANXESS is paying EUR 82.4 million - including debt - for the assets of Gwalior, while the acquisition price for Jiangsu Polyols will remain undisclosed. Both transactions complement the portfolio of LANXESS’ business unit Basic Chemicals.
“These acquisitions in India and China are further milestones in our company’s long-term growth strategy in the BRIC countries”, said Axel C. Heitmann, Chairman of LANXESS’ Board of Management. “We will start to integrate these two businesses into our group.”
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