UBE to acquire the Urethane Systems business of LANXESS for €460m.

UBE, a Japanese chemical company, agreed to acquire the Urethane Systems business of LANXESS, a German specialty chemicals company, for €460m. “The sale of Urethane Systems marks another milestone in our fast transformation into a pure-play specialty chemicals company, as we are divesting the last remaining polymer business in our portfolio. We are convinced that the Urethanes business will have significantly enhanced opportunities for growth and development under the umbrella of UBE. At the same time, we are using the proceeds from the transaction to strengthen our balance sheet by further reducing our net debt,” Matthias Zachert, LANXESS Chairman.