Sasol Wax acquires Luxco Wax to expand operations in North America
Sasol Wax announced that it has acquired the remaining 50% share of its North American joint venture Luxco Wax, turning it into a wholly owned Sasol Wax operation.
This acquisition is a key part of a process to consolidate and focus Sasol Wax's holdings and position in the global market place. Apart from this acquisition, Sasol Wax sold its shares in two joint ventures in mid 2007 and earlier this year acquired the outstanding 50% share in Merkur, a former joint venture with Shell in Germany. Merkur markets petroleum jelly into the personal care market and, like Luxco Wax, will be merged into Sasol Wax's global business.
"In line with Sasol's strategy to grow its energy as well as its chemical businesses, these divestments and acquisitions have enabled Sasol Wax to introduce its proprietary knowledge and technology into its new subsidiaries and to grow its market share," says Reiner Groh, group general manager Sasol Chemical Business Cluster.
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