Specialty Chemical group, LANXESS AG-which held 70% shares in Brazilian producer of elastomers, Petroflex S.A-has further acquired 27% for EUR 60 mln, giving it a total interest of around 97% in the Brazilian company. The high acceptance rate of tender offer enables LANXESS to acquire all the remaining shares by way of a squeeze-out and thus to become the sole owner of Petroflex. The purchase price for the 27% of the share capital now acquired is equivalent to about EUR 60 mln. As previously announced the total price for 100% of the shares including net debt therefore amounts to about EUR 370 mln.
Petroflex manufactures a range of elastomers with three production sites in Brazil and a production capacity of approximately 440,000 mtpa. In 2007 Petroflex had about 600 employees of its own and achieved sales equivalent to about EUR 535 mln. In Brazil, LANXESS currently employs more than 400 people at its three sites (excluding Petroflex). The acquisition of Petroflex makes Brazil the second most important country for LANXESS in the Americas region after the United States.
20-Oct-08 
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