General
Lanxess, Advent complete formation of engineering materials joint venture
The new joint venture is the result of the combination of DSM’s Engineering Materials business and LANXESS’s former High Performance Materials business.
- By ICN Bureau
| April 03, 2023
Specialty chemicals company LANXESS and private equity investor Advent International (Advent) have completed the formation of their engineering materials joint venture effective April 1, 2023. The new joint venture is the result of the combination of DSM’s Engineering Materials business and LANXESS’s former High Performance Materials business.
LANXESS holds about 40 percent of the joint venture, Advent about 60 percent. LANXESS also received a cash payment of around EUR 1.3 billion on March 31. LANXESS is using this mainly to reduce its debt and thus to strengthen its balance sheet.
As financial support for the joint venture, LANXESS will be providing a loan of EUR 200 million.
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