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Investment

Lanxess will sell rest of rubber business to Saudi Aramco

by Alex Scott
August 17, 2018 | APPEARED IN VOLUME 96, ISSUE 33

 

Lanxess has agreed to sell its 50% stake in rubber maker Arlanxeo to joint venture partner Saudi Aramco for $3.4 billion. The business employs 3,800 and generates annual sales of about $3.6 billion. Lanxess sold the first half of the business to Aramco in 2016. It had planned to hold onto the other half until 2021. Moving the sale forward should allow Lanxess to improve its focus on midsize specialty chemical markets, says Chairman Matthias Zachert.

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