Lanxess
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| Type | Public Aktiengesellschaft FWB: LXS |
|---|---|
| Predecessor | Bayer AG |
| Founded | Leverkusen, Germany (July 1, 2004 (2004-07-01)) |
| Headquarters | Leverkusen & Cologne, Germany |
| Key people | Axel C. Heitmann (Chairman of the Board of Management)
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| Industry | chemicals |
| Products | specialty chemicals, synthetic rubber, plastics, intermediates |
| Revenue | €6,576 million (2008) |
| Employees | 14,604 (September 30, 2009) |
| Website | Lanxess.com |
LANXESS AG (FWB: LXSG) is a specialty chemicals group based in Germany. It was founded in 2004 when Bayer AG spun off its chemicals operations and parts of its polymer activities.[1] As measured by sales, Lanxess is the fourth largest chemicals group in Germany.[2] The company's principal product areas are in specialty, basic and fine chemicals, rubber and plastics.[3]
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History
Lanxess’ roots can be traced back to 1863, the year in which Friedrich Bayer & Co. was founded as a manufacturer of synthetic dyestuffs.[4] In 2004, Bayer, seeking to focus its business on healthcare and nutrition, spun off most of its chemicals business and roughly one-third of its polymers business into an independent subsidiary named Lanxess. Shares in Lanxess AG began to trade on the Frankfurt Stock Exchange on January 31, 2005, at which time each shareholder of Bayer was issued one share of stock in Lanxess.[5]
Name
The name "Lanxess" was created as a portmanteau word combining the French word "lancer" (meaning "to launch") with the English word "success."[6]
Divestments
Following its formation, Lanxess implemented a series of restructuring projects. Initially, these consisted mainly of divestments. The Fine Chemicals Business Unit was transferred to Saltigo GmbH, an independent subsidiary of Lanxess.[7] Next, the Dorlastan synthetic fiber business was sold to Asahi Kasei Fibers.[8] iSL-Chemie, a manufacturer of pigment preparations and special coatings in Kürten, Germany, was sold to Berlac AG for €20 million.[9] And the Paper Business Unit was sold to the Finnish paper group Kemira for €88 million.[10]
In 2006, Lanxess sold its Textile Processing Chemicals Business Unit (excluding North American assets) to Egeria Capital for €54 million. The North American textile assets were sold to StarChem.[11]
In 2007, the former Technical Services group function was reorganized as a wholly-owned subsidiary, Aliseca GmbH.[12] A Lanxess subsidiary, Borchers GmbH – a manufacturer of coatings, emulsion paints and inks – was sold to the OM Group in the United States. In June of the same year, Lanxess transferred its Lustran subsidiary to a joint venture with British chemicals group Ineos Ltd.[13]
Acquisitions
At the end of 2006, Lanxess acquired the remaining 50 percent of Chrome International South Africa (CISA) from its joint venture partner, Dow Chemical.[14] In December 2007, the company announced its takeover of the Brazilian manufacturer of synthetic rubber, Petroflex S.A.[15] In February 2009, Petroflex was renamed Lanxess Elastomeros do Brasil.
Lanxess expanded its inorganic pigments business in Asia with the purchase of two production plants for iron oxide pigments from Chinese cooperation partner Jinzhou Chemicals Company Ltd. in June 2008.[16] It opened a sales subsidiary in Moscow in March 2009 to oversee business in Russia and other CIS countries.[17] In June 2009, Lanxess bought the manufacturing assets of Indian company Gwalior Chemical Industries Ltd. for €82.4 million and also acquired the production facilities and businesses of Jiangsu Polyols Chemical Co. Ltd. in China for an undisclosed figure.[18]
Products
Lanxess operates 13 business units divided into three product segments.[19]
Business segments
The Performance Polymers Segment includes four business units dedicated to the production, respectively, of Butyl Rubber, Performance Butadiene Rubbers, Semi-Crystalline Products (i.e., plastics) and Technical Rubber Products. Lanxess is one of the leading producers of synthetic rubber in the world, and the segment’s products are used in automotive tires, belts, hoses, shoe soles and a wide variety of other items.
The Advanced Intermediates Segment consists of two business units – Basic Chemicals and Saltigo – whose product lines include aromatic compounds, benzyls, amines, hydrazine hydrate, and other chemical compounds used in agriculture, pigments, automotive parts, construction materials and other industry sectors.
The Performance Chemicals Segment includes business units dedicated to Functional Chemicals, Inorganic Pigments, Ion Exchange Resins, Leather, Material Protection Products and Rubber Chemicals. Lanxess’ Rhein Chemie subsidiary, which produces customized compounds for the rubber, lubricant and plastics industries, is also grouped in this segment.
Notes
- ^ The New York Times, “World Business Briefing, Europe, Germany: Chemical Spinoff,” July 17, 2004.
- ^ Ivan Lerner,“Lanxess still seeks acquisitions,” ICIS News, Sept. 11, 2007.
- ^ BusinessWeek, “Snapshot: Lanxess,” investing.businessweek.com, accessed 12/8/09.
- ^ Bayer AG, “History” webpage, accessed 12/8/09.
- ^ Decision News Media, “Lanxess debuts on Frankfurt Exachange,” in-Pharma Technologist.com, January 31, 2005.
- ^ Suzanne Elliott, “Lanxess Corp. Scouts Area for its US Headquarters,” Pittsburgh Business Times, April 30, 2004.
- ^ Robert Winder, “Lanxess Names Spin-out Saltigo,” Chemical and Industry, November 21, 2005.
- ^ Technical Textiles International, “Asahi Kasei Buys Dorlastan Elastane Fibres Business from Lanxess,” March 1, 2006.
- ^ Paint & Coatings Industry, “Lanxess Divests iSL-Chemie,” February 1, 2006.
- ^ Nordic Business Report, “Kemira Oyj Acquires Lanxess’ Paper Chemicals Business,” December 21, 2005.
- ^ Rubber World, “Lanxess Completed the Sale of its Textile Processing Chemicals Business,” January 1, 2007.
- ^ Aliseca.com, “About Us” webpage, accessed 12/8/09.
- ^ Ink World, “Lanxess Forms JV with Ineos, Divests Borchers to OM Group,” November 1, 2007.
- ^ Chemical Engineering, “Mergers, Acquisitions and Deals,” January 1, 2007.
- ^ European Rubber Journal, “Lanxess Buys Controlling Stake in Petroflex,” January 1, 2008.
- ^ Chemweek’s Business Daily, “Lanxess Buys Iron Oxide Manufacturing Assets in China,” June 26, 2008.
- ^ Chemical Business Newsbase, “Lanxess Sets up Distribution Company in Moscow,” May 18, 2009.
- ^ Rubber World, “Lanxess is Underpinning its Long-Term Growth Strategy in BRIC with Two Acquisitions in Asia,” July 1, 2009.
- ^ Lanxess.com, “Segments” webpage, accessed 12/8/09.
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