The hottest LANXESS plans to sell the joint ventur

2022-08-23
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Langsheng plans to sell the joint venture company Arang new buffer to Saudi Aramco, which can make the swing rod return to the remaining 50% of the shares of Aramco safely. Release date: China is currently vigorously promoting green building source: China Plastics browse times: 11503 copyright and disclaimer

core tip: Langsheng plans to sell its 50% of the shares of Arang new CO to the joint venture partner Saudi Aramco. The two companies established a synthetic rubber enterprise, alangxinke, in the form of 50% of their respective contributions in 2016, and have signed a transaction agreement today

[China Packaging News] LANXESS plans to sell its 50% shares of Aran Suncor to a joint venture or indistinguishable partner Saudi Aramco. The two companies established a synthetic rubber enterprise, alangxinke, in the form of 50% of their respective contributions in 2016, and have signed a transaction agreement today

this transaction also needs to be approved by the relevant antitrust authorities. In addition, the two companies will hold discussions with relevant employee representatives and trade unions, and the transaction is expected to be officially completed by the end of 2018

the total market value of the joint venture alancinco is 3billion euros. After deducting the borrowings and other financial liabilities related to its 50% stake, LANXESS is expected to receive about 1.4 billion euros in cash in this transaction

LANXESS plans to use this revenue to consolidate its financial base and reduce net liabilities

initially, Langsheng and Saudi Aramco reached an agreement with a cooperation lock-in period until 2021. Chang Mutian, chairman of the board of Langsheng management, said: "this planned transaction marks another important milestone on the road of strategic transformation, which will enable us to focus more on consolidating our leading position in the medium-sized special chemicals market. At the same time, we will also improve the adaptability of our business, consolidate our financial foundation, and ensure greater strategic flexibility to prepare for future growth."

headquartered in Maastricht, the Netherlands, alancinco has 20 production bases in 9 countries, with about 3800 employees, and sales of about 3.2 billion euros in 2017. The company mainly produces high-performance rubber for automobile tires, construction and oil and gas industries

in 2016, by merging the synthetic rubber business into the joint venture alangxinke, LANXESS laid the foundation for its strategic adjustment plan. Since then, LANXESS has been committed to developing the medium-sized special chemicals market, and has completed a number of acquisitions in this field - the largest of which was the acquisition of keyua chemical company in 2017

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