Lanxess A.G. and Advent International have detailed the structure and leadership of their High Performance Engineering Materials joint venture.
The new business is being formed by combining existing Lanxess units with businesses acquired from Royal DSM NV. Lanxess of Cologne, Germany, and global private equity firm Advent of Boston are purchasing DSM's engineering materials business for almost $4 billion in a deal that was announced in May.
The JV named Calum MacLean as CEO-designate in September. In an Oct. 10 news release, officials confirmed additional details.
The JV will be organized into three global business divisions: Performance Materials, Specialty Materials and Intermediates. The JV expects to establish a small head office around Düsseldorf, Germany, and will be supported by locations in Geleen, Netherlands, and Dormagen, Germany.
Stephen Bennett will serve as the JV's chief financial officer. Other appointments include Peter-Hanjo Homberg of Lanxess, executive vice president, strategy and transformation; Anneleen Drieskens of DSM, executive vice president of human resources; Caroline Mitterlehner of DSM, executive vice president of specialty materials; and Peter Henrichfreise of Lanxess, executive vice president of intermediates.
"Preparation for day one of this exciting High Performance Engineering Materials joint venture is taking shape," said MacLean, who has more than 30 years of plastics and chemicals experience, most recently as CEO of British materials firm Synthomer plc.
"The preparation of an integrated face to the market of the combined businesses and the appointment of the first designated senior executives is a major step to hitting the ground running on completion," he added.