Petroflex to become wholly owned subsidiary of Lanxess

ERJ staff report (RD)

Leverkusen, Germany - Following Lanxess AG's tender offer for the remaining shares of Petroflex SA in Brazil, it has acquired a further 27 percent of shares, giving it a total interest of around 97 percent in the company, Lanxess said 17 Oct.

The company paid around Euro 60 million for the 27 percent of shares which means the company can “acquire all remaining shares by way of a squeeze-out and thus become the sole owner of Petroflex,” Lanxess said.

“I'm pleased with the positive response to our offer,” said Lanxess ceo Axel Heitmann. “Now that we are about to successfully complete the acquisition procedure we can focus our energies on further integrating Petroflex into the group.”

Lanxess had previously bought a majority shareholding in Petroflex earlier this year, the acquisition is aiming to significantly improve the companies presence in the South American region, Lanxess said.

Petroflex manufactures a range of 70 elastomer products from solution to emulsion rubbers, in 2007 it reported sales of Euro 535 million.

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Press release from Lanxess