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Lanxess acquiring supplier of flame retardants Chemtura
27 Sep '16
1 min read
German specialty chemicals producer Lanxess is acquiring Chemtura Corporation, one of the major US based global suppliers of flame retardant and lubricant additives. This is the largest acquisition in its history for Lanxess, which will help the company become one of the world's major players in the growing flame retardant and additives market.
Chemtura shareholders will receive $33.50 per share in cash for each outstanding share of common stock held, which represents a 18.9 per cent premium to the stock's closing share price of $28.18 on September 23, 2016.
The transaction for approximately €2.4 billion will be financed by Lanxess primarily through senior and hybrid bonds, as well as from existing liquidity.
Chemtura operates 20 facilities in 11 countries and employs approximately 2,500 employees, while reporting sales of around €1.5 billion in the last four quarters and generating 45 per cent of its revenue from the North American market. (AR)
Chemtura shareholders will receive $33.50 per share in cash for each outstanding share of common stock held, which represents a 18.9 per cent premium to the stock's closing share price of $28.18 on September 23, 2016.
The transaction for approximately €2.4 billion will be financed by Lanxess primarily through senior and hybrid bonds, as well as from existing liquidity.
Chemtura operates 20 facilities in 11 countries and employs approximately 2,500 employees, while reporting sales of around €1.5 billion in the last four quarters and generating 45 per cent of its revenue from the North American market. (AR)
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