Brief: Lanxess Signs Contract To Sell Urethane Systems Business To Ube Corporation

UBE

03/10/2024 07:08

Oct 3 (Reuters) - LANXESS AG  LXSG.DE :
    * SIGNS CONTRACT TO SELL URETHANE SYSTEMS BUSINESS TO UBE
CORPORATION
    * SALE OF URETHANE SYSTEMS BUSINESS FOR €460 MILLION
    * TRANSACTION EXPECTED TO CLOSE IN FIRST HALF OF 2025
    * TO SELL URETHANE SYSTEMS BUSINESS TO UBE CORPORATION
    * UBE TO TAKE OVER OPERATIONS WITH 400 EMPLOYEES
    * EXPECTED PROCEEDS OF AROUND €500 MILLION
    * PROCEEDS TO BE USED TO REDUCE NET DEBT
    * TRANSACTION SUBJECT TO REGULATORY APPROVAL
    * URETHANE SYSTEMS BUSINESS GENERATED €250 MILLION SALES IN
LAST
12 MONTHS
    * LEVERAGE RATIO EXPECTED TO REDUCE BY ~0.5X

Source text for Eikon:  ID:nEQmVXZLa 
Further company coverage:  LXSG.DE 

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