Acquisitions in India, China completed: Lanxess

German specialty chemicals group Lanxess has completed the acquisition of the chemical businesses and production assets of Indian company Gwalior Chemical Industries and Jiangsu Polyols Chemical Co of China.     

Lanxess is paying euro 82.4 million, including debt, for the assets of Gwalior while the acquisition price for Jiangsu Polyols is undisclosed.     

The transactions have received the necessary approvals from the anti-trust authorities and Gwalior shareholders, a release here said.     

Both transactions have taken economic and legal effect at the start of September, the release said.     

The transactions complement the portfolio of Lanxess' business unit basic chemicals, which is one of the leading manufacturers of raw materials for agrochemicals, polymers, surface coatings and pigments.     

"These acquisitions in India and China are further milestones in our company's long-term growth strategy in the BRIC countries," Chairman Lanxess' Board of Management Axel C Heitmann said.     

"We will start to integrate these two successful businesses into our group and will warmly welcome the new employees into the Lanxess family," he said.