Cologne – Specialty chemicals company LANXESS today, January 10, 2020, completed the sale of its chrome chemicals business. The buyer is Brother Enterprises, a Chinese leather chemicals producer.
All relevant antitrust authorities have given the necessary approvals for the transaction, which was announced in August 2019. Upon completion of the transaction, LANXESS has received cash proceeds of approximately EUR 80 million.
With this transaction, Brother Enterprises has also taken over the Newcastle site in South Africa with around 220 employees from LANXESS. At the site sodium dichromate is produced, some of which is processed into chromic acid. In Merebank, South Africa, LANXESS will continue to manufacture chrome tanning salts from sodium dichromate exclusively for Brother Enterprises on a contract basis, presumably until 2024.
Company :-Mutual PR
User :- Poonam Kaur