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German specialty chemicals company Lanxess continues a major business restructuring under the leadership of its chairman, Matthias Zachert
.
On August 13, LANXESS announced that it had reached an agreement to sell its organic leather chemicals business
.
Drepi Chemical is part of the investment company Black Diamond and is headquartered in Germany
.
LANXESS currently employs around 460 people in its organic leather chemicals business with production sites in Germany, Italy and China
.
Chang Mutian said that after the divestiture of the business, the company will reduce its reliance on the auto industry
.
In 2014, Chang Mutian took the helm of LANXESS, and then began to implement a major strategic adjustment to the company
.
The largest of these deals was the resale of the synthetic rubber business to Saudi Aramco
.
These funds were then used to successively purchase a number of chemical assets such as Chemtura and Chemours' disinfectant and disinfectant business, and completely transformed Lanxess into a specialty chemicals company
.
Before that, LANXESS was best known as one of the world's largest producers of synthetic rubber, with about 40% of the company's sales coming from its synthetic rubber business
.
After saying goodbye to the title of "King of Synthetic Rubber", LANXESS has set about cleaning up businesses that no longer fit its positioning as a specialty chemicals company, including leather chemicals
.
LANXESS currently has four major sectors: high-quality intermediates, special additives, consumer protection and engineering materials.
On this basis, it is divided into 11 specific units, and the leather chemicals business belongs to one of them
.
Under the leather chemicals business, it also includes sub-businesses such as organic leather chemicals and chrome chemicals
.
Lanxess said that if the sale of organic leather chemicals goes through, it will exit the leather chemicals business entirely
.
Last year, LANXESS sold its chromium chemicals business, which also belongs to the leather chemicals segment
.
Brother Technology (002562.
SZ), a leather chemicals manufacturer from China, bought it for 660 million yuan
.
LANXESS's chromium chemicals business has two production sites in South Africa with an annual turnover of about 100 million euros (about 820 million yuan)
.
On the same day that the business divestment plan was announced, LANXESS also announced its latest financial report
.
The company’s revenue in the second quarter was 1.
43 billion euros, down 16% from the previous year; EBITDA before special items was 220 million euros, down 20% year-on-year
.
Reuters reported that weak demand from the auto industry in the second quarter eroded profits for Lanxess, whose business accounts for one-fifth of its total sales
.
At the same time, the consumer business protection segment, which covers disinfectant raw materials, maintained positive growth
.
Chang Mutian said that, as the company expected, the impact of the epidemic on the global economy made Lanxess feel a greater impact in the second quarter than from January to March this year
.
But the company still maintains its forecast for full-year results
.
LANXESS expects its EBITDA before special items to reach 800 million to 900 million euros this year
.
