Lanxess and private equity investor Advent International have completed the formation of their engineering materials 60:40 joint venture, effective April 1, 2023.
The company also received a cash payment of around €1.3 billion on March 31, and it will be using this mainly to reduce its debt and thus strengthen its balance sheet. In addition, as financial support for the joint venture, the company will provide a loan of €200 million.
A press release from Lanxess noted that the new joint venture results from the combination of DSM’s Engineering Materials business and its former High-Performance Materials business.
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