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Business

Lanxess Sheds Textile Chemicals

November 20, 2006 | A version of this story appeared in Volume 84, Issue 47

Lanxess has sold its non-North American textile processing chemicals business for $70 million in a management buyout backed by the Dutch investment company Egeria. The business will be renamed Tanatex Chemicals. Lanxess said in May that it wanted to divest the business. The non-North American operations have annual sales of about $170 million and employ some 330 people. Lanxess is exploring other options for the smaller North American business, including the Wellford, S.C., site it previously said it would close.

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