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Global Press Releases
2017-02-01
Chemtura shareholders approve acquisition by LANXESS
Specialty chemicals company LANXESS (FRA: LXS) has taken a significant step forward in the planned acquisition of U.S. chemical company Chemtura (NYSE: CHMT). Chemtura’s shareholders approved the merger at a special meeting in Philadelphia, United States. 99.88 percent of the votes cast were in favor of the merger, representing 81.77 percent of Chemtura’s outstanding common stock. Under the terms of the merger agreement, Chemtura shareholders will receive USD 33.50 for each outstanding share in cash at closing of the transaction.
Matthias Zachert, Chairman of the Board of Management of LANXESS AG, welcomed the vote approving the merger taken at the shareholders’ meeting. “We are pleased that Chemtura’s shareholders are so supportive of the planned acquisition. Their approval is an important milestone on LANXESS’s route to becoming one of the major players in the field of additives chemistry.”
Clearance for the acquisition from the U.S. 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 are to be integrated with LANXESS’s 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. It employs some 1,600 people at more than 20 sites around the world.
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.
For further information about the planned acquisition please visit www.quality-unites.com.
LANXESS is a leading specialty chemicals company with sales of EUR 7.9 billion in 2015 and about 16,700 employees in 29 countries. The company is currently represented at 54 production sites worldwide. The core business of LANXESS is the development, manufacturing and marketing of chemical intermediates, specialty chemicals and plastics. Through ARLANXEO, the joint venture with Saudi Aramco, LANXESS is also a leading supplier of synthetic rubber. LANXESS is listed in the leading sustainability indices Dow Jones Sustainability Index (DJSI World) and FTSE4Good.
Forward-Looking Statements
This company release contains certain forward-looking statements, including assumptions, opinions, expectations and views of the company or cited from third party sources. Various known and unknown risks, uncertainties and other factors could cause the actual results, financial position, development or performance of LANXESS AG to differ materially from the estimations expressed or implied herein. LANXESS AG does not guarantee that the assumptions underlying such forward-looking statements are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecast developments. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, any information, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and accordingly, no representative of LANXESS AG or any of its affiliated companies or any of such person's officers, directors or employees accept any liability whatsoever arising directly or indirectly from the use of this document.
