1 February 2017
Chemtura Chemtura Corporation,
with 2015 sales of $1.7 billion,
is a global manufacturer and marketer
of specialty chemicals.
Additional information concerning Chemtura
is available at www.chemtura.com.
DETAILS
LANXESS 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.
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.
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.”
CONTACT
WWW.CHEMWINFO.COM BY KHUN PHICHAI
