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Business

Lanxess Will get Most Of Petroflex

December 17, 2007 | A version of this story appeared in Volume 85, Issue 51

Lanxess will acquire 70% of the Brazilian synthetic rubber producer Petroflex for about $290 million. The German company, which is already a major rubber producer, is purchasing the stake from two Brazilian shareholders, Braskem and Unipar. Petroflex has about 1,300 employees and last year sold more than $700 million of rubber to makers of tires, tubing, and plastics. Lanxess CEO Axel C. Heitmann notes that major tire manufacturers are spending close to $1.5 billion to expand capacity in Latin America.

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