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Mergers & Acquisitions

Lanxess to exit leather chemicals

by Alex Scott
August 21, 2020 | APPEARED IN VOLUME 98, ISSUE 32

 

Lanxess will exit the organic leather chemicals business with the sale of its subsidiary TFL Ledertechnik to Black Diamond Capital Management for $93 million and an additional $135 million subject to the business hitting performance targets. TFL has about 460 employees and plants in Germany, Italy, and China; it generated sales of over $100 million in 2019. Lanxess announced a deal last November to sell its business in chrome chemicals for leather tanning.

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