Lanxess AG, a prominent German specialty chemicals firm, revealed on Thursday its agreement to divest its Urethane Systems division to UBE Corp. The transaction is valued at an enterprise price of 460 million euros.
Through this deal, Lanxess anticipates earning approximately 500 million euros, which it intends to allocate towards reducing its net debt.
This transaction is slated for completion in the first half of 2025, pending requisite regulatory approvals.
The sale marks Lanxess's exit from its final polymer business sector.
The Urethane Systems unit encompasses five global manufacturing facilities and includes application laboratories situated in the USA, Europe, and China. UBE will assume all operations along with nearly 400 employees currently part of Lanxess.
Over the past twelve months, concluding in June 2024, the Urethane Systems business achieved sales nearing 250 million euros.
