Lanxess and Advent Complete Engineering Materials Joint Venture FoundationLanxess and Advent Complete Engineering Materials Joint Venture Foundation
Specialty chemicals company Lanxess and private equity investor Advent International Advent completed the engineering materials joint venture foundation effective April 1, 2023.
April 4, 2023
Lanxess, a German specialty chemicals company, and Advent International, a global private equity investor, have completed the formation of their engineering materials joint venture effective April 1, 2023. The new joint venture is the result of the combination of DSM’s Engineering Materials business and Lanxess’s former High Performance Materials business.
Lanxess holds around 40% of the joint venture, with Advent at about 60%. Lanxess also received a cash payment of around EUR 1.3 billion on March 31, which is being used mainly to reduce the company's debt and thus, strengthen its balance sheet.
As financial support for the joint venture, Lanxess will be providing a loan of EUR 200 million.
Lanxess, based in Cologne, Germany, currently has about 13,100 employees in 33 countries. The core business is the development, manufacturing, and marketing of chemical intermediates, additives, and consumer protection products.
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