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|Articles|June 26, 2009
Chemical company's Asian acquisitions
Speciality chemicals group LANXESS AG has made two acquisitions in Asia. The company will acquire the chemical businesses and assets of Gwalior Chemical Industries for €82.4 million. LANXESS will also acquire the business and production assets of Chinese-based Jiangsu Polyols Chemical Co.
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Speciality chemicals group LANXESS AG has made two acquisitions in Asia. The company will acquire the chemical businesses and assets of Gwalior Chemical Industries for 82.4 million. LANXESS will also acquire the business and production assets of Chinese-based Jiangsu Polyols Chemical Co.
"These acquisitions in India and China are further milestones in our company’s long-term growth strategy in the BRIC countries," said Axel C. Heitmann, chairman of LANXESS's board of management. "Gwalior’s business complements the portfolio of our Basic Chemicals business unit and our first acquisition in India will strengthen our production base in this exciting market."
Gwalior is one of the largest Indian producers of benzyl products and one of the leading global producers of sulphur chlorides for the agrochemicals and pharmaceuticals as well as for the flavour and fragrance industries. Jiangsu Polyols mainly produces trimethylolpropane used in lubricants, paints and coatings.
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