German specialty chemicals group Lanxess has successfully completed the acquisitions of the chemical businesses and production assets belonging to Indian company Gwalior Chemical Industries Ltd as well as China’s Jiangsu Polyols Chemical Co. Ltd. The transactions have received the necessary approvals from the anti-trust authorities and Gwalior shareholders. Both transactions have taken economic and legal effect at the start of September.

Lanxess is expected to pay EUR 82.4 million - including debt - for the assets of Gwalior, while the acquisition price for Jiangsu Polyols will remain undisclosed. Both transactions complement the portfolio of Lanxess’ business unit Basic Chemicals, which a manufacturer of raw materials for agrochemicals, polymers, surface coatings, and pigments.

Gwalior is one of the largest Indian producers of benzyl products and one of the leading global producers of sulphur chlorides for the agrochemicals and pharmaceutical as well as for the flavor and fragrance industries. In its business year 2008/2009 (ended March 31), the Indian company achieved sales of approximately EUR 57.8 million and currently employs about 400 permanent staff mainly based at its production site in Nagda, Madhya Pradesh state.

Jiangsu Polyols achieved sales of about EUR 10 million in 2008 and currently employs some 170 staff at its facility in Liyang, west of Shanghai. It mainly produces trimethylol propane (TMP) that is used in lubricants, paints, and coatings.