PITTSBURGH (April 2, 2008) — Lanxess A.G. said it has completed the previously announced acquisition of about 70 percent of the shares of Brazilian synthetic rubber producer Petroflex S.A.
Lanxess spent about $312.6 million for the shares. In accordance with local regulations, Lanxess soon will issue a public takeover offer for the remaining shares, the company said.
The German company named Joerg Schneider, who most recently held a senior position in Lanxess' rubber chemicals business unit, as CEO of Petroflex.
Petroflex had sales of about $836 million last year, operates three factories in Brazil and employs 1,300.