Advent, Lanxess set out details of engineering polymers JV

Cologne, Germany – US private equity firm Advent International and Lanxess AG have set out details of their engineering materials joint venture, which is expected to be completed in the first half of 2023.

The JV, which will combine the DSM Engineering Materials (EDM) and Lanxess high-performance materials (HPM) units, will be led by former Synthomer boss Calum MacLean, the companies announced 10 Oct.

Upon closing of transaction, the JV will have three business units:

• Performance materials (which will include EDM performance polymers and HPM’s engineering plastics);
• Speciality materials (comprising DEM specialities and HPM Tepex) and
• Intermediates (including HPM intermediates and DEM polymer & films).

The JV is expected to establish a “small headoffice” around Dusseldorf, Germany, and will be supported by existing locations in Geleen (DEM, The Netherlands) and Dormagen (HPM, Germany).

The executive leadership team will include CFO Stephen Bennett; EVP strategy & transformation Peter-Hanjo Homberg who is currently serving at Lanxess; EVP specialty materials Caroline Mitterlehner from DSM; and EVP Intermediates Peter Henrichfreise from Lanxess.

The executive vice president for performance materials unit will be announced at a later stage.

Upon closing of the transaction, the JV shareholders’ committee composition will include Advent managing partner Ronald Ayles, Lanxess CEO Matthias Zachert and DEM president Roeland Polet.