LANXESS completes sale of its Currenta stake to Macquarie Infrastructure and Real Assets
CologneApril 30, 2020
Specialty chemicals company LANXESS today, April 30, 2020, completed the sale of its 40 percent stake in chemical park operator Currenta to Macquarie Infrastructure and Real Assets (MIRA). Both companies had reached an agreement to this effect in August 2019. LANXESS realized an equity value of EUR 780 million (after deduction of net debt and pensions) for the sale of its stake and received a profit participation of EUR 150 million pre tax.
“The sale of Currenta provides us with substantial extraordinary proceeds in the second quarter. We are also strengthening our already good financial base. We are thus well prepared to meet the current challenges posed by the corona pandemic,” said Michael Pontzen, Chief Financial Officer of LANXESS.
Moreover, LANXESS has reached an agreement with Currenta on service and supply contracts for the three sites in Leverkusen, Dormagen and Krefeld, all Germany, which will initially run for 10 years. LANXESS operates a significant portion of its global production facilities there.
Currenta manages and operates infrastructure, energy supply and other essential services in the chemical parks in the Lower Rhine region and was previously a joint venture between Bayer (60 percent) and LANXESS (40 percent). Bayer had already completed the sale of its Currenta stake to MIRA at the end of November 2019. LANXESS, one of Currenta's main customers, provided operational support to the new owner during the transition phase.
MIRA has been active in Germany for 30 years, and has extensive experience in Currenta’s core business areas including utilities, transport, logistics, storage, waste management and treatment services.
“The sale of Currenta provides us with substantial extraordinary proceeds in the second quarter. We are also strengthening our already good financial base. We are thus well prepared to meet the current challenges posed by the corona pandemic,” said Michael Pontzen, Chief Financial Officer of LANXESS.
Moreover, LANXESS has reached an agreement with Currenta on service and supply contracts for the three sites in Leverkusen, Dormagen and Krefeld, all Germany, which will initially run for 10 years. LANXESS operates a significant portion of its global production facilities there.
Currenta manages and operates infrastructure, energy supply and other essential services in the chemical parks in the Lower Rhine region and was previously a joint venture between Bayer (60 percent) and LANXESS (40 percent). Bayer had already completed the sale of its Currenta stake to MIRA at the end of November 2019. LANXESS, one of Currenta's main customers, provided operational support to the new owner during the transition phase.
MIRA has been active in Germany for 30 years, and has extensive experience in Currenta’s core business areas including utilities, transport, logistics, storage, waste management and treatment services.
LANXESS is a leading specialty chemicals company with sales of EUR 6.7 billion in 2023. The company currently has about 12,400 employees in 32 countries. The core business of LANXESS is the development, manufacturing and marketing of chemical intermediates, additives and consumer protection products. LANXESS has achieved leading positions in the Dow Jones Sustainability Index and the MSCI ESG and ISS ESG ratings, among others, for its commitment to sustainability.
This company release contains certain forward-looking statements, including assumptions, opinions, expectations and views of the company or cited from third party sources. Various known and unknown risks, uncertainties and other factors could cause the actual results, financial position, development or performance of LANXESS AG to differ materially from the estimations expressed or implied herein. LANXESS AG does not guarantee that the assumptions underlying such forward-looking statements are free from errors, nor does it accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecast developments. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, any information, estimates, targets and opinions contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and accordingly, no representative of LANXESS AG or any of its affiliated companies or any of such person's officers, directors or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.
