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2006-11-10 News Release

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JV buyout of textile processing chemicals biz

Renamed Tanatex Chemicals BV, a textile processing chemicals business, to be operated by Dutch investor Egeria and TPC management jointly.

Chemicals group LANXESS is divesting its textile processing chemicals business as previously announced. All the activities of the Textile Processing Chemicals (TPC) business unit outside of North America are to be acquired by Dutch investor Egeria and business unit management. The included business has sales of about EUR 130 million and employs some 330 people. With respect to the North American activities of TPC, other options are being examined.

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The sale and purchase agreement with Egeria was signed this morning. The purchase price is EUR 54 million. The completion is expected to take place by the end of the year.

LANXESS had announced its intention to divest this business unit at the Annual Stockholders’ Meeting in May 2006, saying it was not large enough to enable LANXESS to play a significant role in the ongoing global market consolidation in the textile chemicals sector. That meant the business unit would not have a secure long-term future under the LANXESS umbrella. "The business unit has been successfully restructured in recent years, improving its competitiveness and earning power. Therefore, Egeria and the experienced business unit management as the purchasers now have a good foundation for successful future development against the background of the international consolidation taking place in the textile processing chemicals industry," explained LANXESS Management Board Chairman Axel C. Heitmann.

TPC's fabric finishing gives dyed and printed textiles their final characteristics. Click Go for larger image. photo: Lanxess

The Dutch investment fund Egeria was founded in 1997. It focuses on long-term investments in mid-size companies and currently administers a portfolio of roughly EUR 600 million.

Egeria and TPC management are jointly taking over the related production facilities, along with the related patents, customer and supplier agreements, employees and the related pension commitments.

The business will, after completion of the transaction, be renamed into Tanatex Chemicals BV.

The TPC business unit employs some 380 people worldwide and has sales of EUR 150 million. LANXESS had announced the closure of the U.S. site at Wellford, South Carolina, as part of its second restructuring package. However, an evaluation of the future perspectives for the business unit textile processing chemicals has revealed other possible options for the activities in North America.

This Business Unit has around 3,000 customers worldwide. In addition to the strong base range of products, which covers the textile finishing processes, TPC focuses on many high-tech product applications in Europe, North America and Japan. Examples include flame-retardant clothing for firefighters, special textiles for soundproofing in cars and textiles with integrated microcapsules filled with fragrances.

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