PITTSBURGH, Pa. (Dec. 14) — Lanxess Corp. will sell its North American Textile Processing Chemicals business unit to StarChem, L.L.C., a specialist in textile and specialty chemicals, for an undisclosed amount.
Wellford, S.C.-based StarChem said it will retain major parts of the unit´s work force at two acquired plants in Wellford and Montreal but did not give a specific figure. The TPC division has 380 employees worldwide.
Lanxess and StarChem, a subsidiary of Dalton, Ga.-headquartered Star Holdings, Inc., said in a joint statement that pre-merger notification to government agencies was not required to complete the transaction, which is expected to close by the end of the year.
"We are taking necessary steps to ensure the long-term viability of our businesses in the U.S. and increase our competitiveness going forward," Randy Dearth, president and CEO of Lanxess, said in the prepared statement.
In November, Lanxess A.G., the parent of Lanxess Corp., unveiled a plan to divest all TPC operations outside of North America.