Black Diamond Capital Management-backed TFL Ledertechnik completed the acquisition of the leather chemicals business of LANXESS for $230m.

Black Diamond Capital Management-backed TFL Ledertechnik, a global supplier of leather chemicals, completed the acquisition of the leather chemicals business of LANXESS, a speciality chemicals company, for $230m. “We are convinced that the transfer to TFL will open up new growth and development prospects for the business and will thus significantly strengthen it. At the same time, we are making LANXESS somewhat more independent from the automotive industry, a key target industry for leather products,” Matthias Zachert, LANXESS Chairman of the Board of Management. On October 20, 2020: CMA started the process of the review of the acquisition. On December 4, 2020: CMA cleared TFL Ledertechnik's $230m acquisition of leather chemicals business of LANXESS.