German Chemicals Company Streamlines Production Network
LANXESS AG has started streamlining its global production network by reducing operating costs.
As part of its plan, a 55% stake in the hydrazine hydrate joint venture LANXESS Yaxing (Weifang) Chemicals Company has been sold to its Chinese partner Weifang Yaxing Group.
In September, LANXESS also sold its remaining shareholding in the acrylonitrile butadiene styrene (ABS) joint venture to its partner INEOS.
In addition, LANXESS Corporation has sold the infrastructure and supporting services at its site in Bushy Park, South Carolina, US, to the investment company Cooper River Partners, LLC, for $10m.
The group, however, will continue to produce hydrazine hydrate at its Leverkusen plant in Germany to serve its customers worldwide.
LANXESS will cut costs worldwide by about $524m by 2012, the officials said.