United States.
Specialty chemical company Lanxess has announced plans to acquire U.S.-based Chemtura Corp., a supplier of flame retardants and lubricant additives, in a transaction valued at approximately $2.7 billion.
With the largest acquisition in its history, Lanxess is building on its own additive portfolio and will become one of the world's leading players in this growing market.
The companies have signed a definitive acquisition agreement. Under the terms of the agreement, Chemtura shareholders will receive $33.50 per share in cash for each share of the commons held. The transaction will be financed by Lanxess mainly through stock exchange and hybrid certificates, as well as existing liquidity.
The transaction, which is expected to close in mid-2017, is subject to Chemtura's shareholder approval, required regulatory approvals and other customary closing conditions.
Headquartered in Philadelphia, Chemtura has 20 locations in 11 countries and approximately 2,500 employees worldwide. In addition to additives, Chemtura's portfolio includes urethanes and organometallic compounds.
