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On June 1, 2021, specialty chemicals company LANXESS completed the sale of its organic leather chemicals business to TFL Ledertechnik GmbH
.
TFL is a global supplier of leather chemicals and a portfolio company of US investment firm Black Diamond Capital Management, LLC
.
The transaction, which received the necessary approvals, was announced in August 2020
.
The purchase price includes a fixed portion of 80 million euros
.
In addition, the agreed trading working capital mechanism will result in a disbursement of approximately EUR 20 million, due in the third quarter
.
In addition, there will be a performance-related portion of up to 115 million euros, to be paid out over the next three years
.
TFL also assumed certain liabilities related to this business
.
Following the sale, all operations in the Organic Leather Chemicals business line, which employs approximately 420 people, have been transferred to TFL
.
TFL's business activities include the development, production and sale of specialty chemicals such as tanning agents, dyes and finishing products that enable its customers, mainly tanneries, to manufacture attractive end products such as leather car interiors
.
The company looks forward to combining two of the world's leading leather chemicals businesses
.
The combined business will provide the leather industry with an unparalleled range of high-performance, innovative and sustainable solutions
.
The expansion of the company will support TFL's goal of building a top-performing leather chemical company and significantly strengthen TFL's finishing portfolio and presence in the automotive industry
.
LANXESS produces a wide range of leather chemicals at plants in Europe and China and has a global network of application-oriented laboratories and sales offices
.
The combined TFL and LANXESS leather businesses will employ around 1,200 people worldwide and have an estimated turnover of around 450 million euros
.
With production facilities in Germany, Italy, France, Brazil, India and China, and operations in more than 90 countries, it will provide true global coverage
.
TFL will continue to work very intensively to ensure a smooth transition for all its stakeholders
.
