On 31 December 2018, Lanxess announced that it has completed the sale of its remaining 50 % interest in the synthetic rubber company Arlanxeo to Saudi Aramco. All relevant antitrust authorities have granted the necessary approvals for the transaction announced in August 2018, said the company.
Upon completion of the transaction, the remaining stake of the speciality chemicals company in Arlanxeo was transferred to the former joint venture partner Saudi Aramco. In return, Lanxess received proceeds of approximately EUR 1.4 billion.
Arlanxeo was founded on 1 April 2016, as a joint venture of Lanxess and Saudi Aramco. The company headquartered in Maastricht, Netherlands, generated sales of around EUR 3.2 billion in 2017 and employs about 3,800 people at 20 production sites in nine countries. The company produces synthetic rubber for use in, for example, the automotive and tyre industries, the construction industry, and the oil and gas industries.
According to Lanxess, the transfer of the business with synthetic rubber into the joint venture Arlanxeo was the foundation for its strategic realignment. Since then Lanxess has been focusing on growth in speciality chemicals markets and made various acquisitions in this area.