On April 1, 2016, specialty chemicals company LANXESS and Saudi Aramco have completed the formation of their 50-50 joint venture for synthetic rubber, ARLANXEO. The deal was first announced in September 2015, and all relevant antitrust authorities had cleared the transaction by February 2016.
With the closing of the transaction, a 50 percent share in the joint venture ARLANXEO was transferred to Dutch Saudi Aramco subsidiary, Aramco Overseas Holdings Coöperatief U.A. In return, LANXESS received cash proceeds of around EUR 1.2 billion.
LANXESS plans to invest around EUR 400 million of the proceeds from the transaction in organic growth. Another roughly EUR 400 million is earmarked for a further reduction of its financial debt position and around EUR 200 million are planned to be used for a share buyback program.
With the launch of ARLANXEO, the composition of the company’s Shareholders‘ Committee was also announced. It is chaired by LANXESS’ Chairman of the Board of Management Matthias Zachert. Warren W. Wilder, Vice President Chemicals at Saudi Aramco, is Vice Chairman. The additional members of ARLANXEO’s Shareholders’ Committee are Michael Pontzen, LANXESS’ Chief Financial Officer, and Khalid H. Al-Dabbagh, Controller at Saudi Aramco.
LANXESS extends contract with CEO Matthias Zachert
At its ordinary meeting, the Supervisory Board of LANXESS AG appointed Matthias Zachert (55) as CEO of the Group for a further five years, thus extending his contract. The new mandate will begin on April 1, 2024. “Matthias Zachert has decisively transformed LANXESS in just a few years: A ma ... more
Frederique van Baarle assumes position on the LANXESS Board of Management
Frederique van Baarle has taken up her position as a member of the Board of Management and Labor Director at Cologne-based specialty chemicals company LANXESS effective April 1, 2023. Until the end of March van Baarle headed the High Performance Materials business unit at LANXESS, which was ... more
LANXESS increases sales and earnings significantly in fiscal year 2022
In an environment characterised by many upheavals, LANXESS closed fiscal year 2022 successfully. The specialty chemicals company’s sales and earnings have increased significantly. Group sales amounted to EUR 8.088 billion in 2022, up 32.6 percent on the previous year’s figure of EUR 6.101 b ... more
LANXESS is a leading specialty chemicals company and operates in all important markets of the world. Its core business comprises the development, manufacture and sale of high-tech plastics, high-performance rubber, specialty chemicals and intermediates. In addition, it helps its customers i ... more
LANXESS is a specialty chemicals enterprise at the core of the chemical industry that focuses on premium businesses. To this end LANXESS employs an expert workforce with a multitude of different skills – worldwide. The LANXESS corporate philosophy is applied to our products as well as to t ... more
LANXESS is listed as the fourth largest German Chemistry Corporation in the Frankfurt Stock Exchange. With our extensive portfolio we are active in all the markets of the world. Our product pallet ranges from base, specialty and fine chemicals to plastics and rubbers. In addition, we sup ... more
Aramco and Linde Engineering to develop ammonia cracking technology
Aramco and Linde Engineering announced that they have signed an agreement to jointly develop a new ammonia cracking technology. The collaboration between the two companies will combine Linde Engineering and Aramco’s experience and capabilities in industrial research and development, lower-c ... more
Aramco affiliate S-OIL to build one of the world's largest petrochemical crackers in South Korea
Aramco is making its biggest ever investment in South Korea to develop one of the world's largest refinery-integrated petrochemical steam crackers through its S-OIL affiliate, in line with the company's strategy to maximize the crude to chemicals value chain. The $7 billion Shaheen project ... more
Saudi Aramco advances global chemicals strategy with S-Oil expansion project in Ulsan, South Korea
Saudi Aramco is advancing its global chemicals growth strategy with the inauguration of S-Oil’s new Residue Upgrading Complex and Olefin Downstream Complex. The new facilities feature the latest refinery technologies, which have raised S-Oil’s petrochemical portion from 8% to 13% and includ ... more
