LANXESS to sell its stake in chrome ore mine in South Africa to Clover Alloys

Cologne

Specialty chemicals company LANXESS sells its 74 percent stake in its chrome ore mine in Rustenburg/South Africa to Clover Alloys (SA) Proprietary Limited, a South African supplier of chrome fine ores. On November 15, 2019 both companies signed a corresponding agreement. The parties have agreed to not disclose the purchase price. The transaction is subject to the approval of the relevant authorities. LANXESS expects the planned sale to be completed by the end of 2020. A 26 percent shareholding in the mine will remain with DIRLEM, the minority shareholder representing employees and some private investors. LANXESS had already announced the divestment of its chrome chemicals business to the Chinese company Brother Enterprises in August.

“We have clearly focused our portfolio on specialty chemicals in recent years and are systematically continuing along this path. Following the sale of our chrome chemicals business, it is therefore strategically logical to also divest our stake in the chrome ore mine as a key source of raw materials for this business,” said Rainier van Roessel, Member of the Board of Management at LANXESS.

The chrome ore from the mine is used as a raw material in the ferrochrome and chemical industry and in foundry applications. The mine employs some 500 staff and more than 1000 contractors.

MORE ABOUT THIS TOPIC

INVESTOR NEWS

LANXESS completes sale of its organic leather chemicals business

June 01, 2021
INVESTOR NEWS

LANXESS increases dividend also in times of the Coronavirus pandemic

May 19, 2021
INVESTOR NEWS

LANXESS raises guidance for fiscal year 2021

May 12, 2021
INVESTOR NEWS

LANXESS completes acquisition of disinfection and hygiene solutions provider Theseo

April 01, 2021
INVESTOR NEWS

LANXESS enters battery chemistry business: electrolyte production for lithium-ion batteries in Leverkusen

March 30, 2021
X
Usage of Cookies
We would like to use cookies to better understand you use of this website. This enables us to improve your future experience on our website. Detailed information about the use of cookies on this website and how you can manage or withdraw your consent at any time can be found in our Privacy Statement.

OK Other Settings