Cologne, Germany – Lanxess completed the sale of its remaining 50% stake in synthetic rubber venture Arlanxeo to Saudi Aramco on 31 Dec, the companies have announced.
Saudi Aramco paid around €1.4 billion to take over the German partner’s holding in the joint venture, according to a statement from Lanxess.
All relevant antitrust authorities, it noted, had granted the necessary approvals for the transaction announced in August 2018.
Arlanxeo, headquartered in Maastricht, Netherlands, was founded on 1 April, 2016, as a JV between Lanxess and Saudi Aramco.
The company generated sales of around €3.2 billion in 2017 and employs about 3,800 people at 20 production sites in nine countries.
Arlanxeo produces synthetic rubber materials for use mainly in the automotive, tire, construction and oil & gas industries.