 "Chemtura shareholders approve acquisition by Lanxess")
The shareholders of the Philadelphia (USA) based additives maker Chemtura on Wednesday gave their approval for the proposed the merger of the company with German specialty chemicals firm Lanxess. As per the deal, signed in September last year, Lanxess agreed to buy Chemtur in a transaction valued at approximately $ 2.5 billion.
Commenting on the latest development, Matthias Zachert, chairman of the board of management of Lanxess AG, said, “We are pleased that Chemtura’s shareholders are so supportive of the planned acquisition. Their approval is an important milestone on Lanxess’ route to becoming one of the major players in the field of additives chemistry.”
Clearance for the acquisition from the US antitrust authorities was already received at the end of December 2016. Lanxess expects to close the transaction in mid-2017 after all remaining regulatory approvals have been received.
Flame retardant and lubricant additives are the main pillars of Chemtura’s business and would complement the current Lanxess portfolio. After closing of the transaction, these two business activities will be integrated with Lanxess’ Rhein Chemie Additives business unit to form a new segment. Today, Rhein Chemie Additives already supplies a broad range of special additives and service products for the manufacture of plastics, rubber, lubricants and coatings.
Alongside the additives, Chemtura’s portfolio also includes urethanes and organometallics, which will be integrated into Lanxess as well. Chemtura has about 2,500 employees globally and operates at 20 sites in 11 countries.
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