Lanxess AG has bought China-based Jiangsu Polyols Chemical Co. Ltd., a maker of polyols including trimethylolpropane (TMP).
Jiangsu Polyols, a midsize company set up in 2006, had sales of about 10 million euros (102.5 million yuan) in 2008 and currently employs about 170 in Liyang at a facility that Lanxess describes as having ''competitive technology.''
The Chinese company mainly produces TMP, used in lubricants, paints and coatings. Lanxess' Basic Chemicals business unit already is a major supplier of TMP in China and will integrate Jiangsu Polyols into its global operations, Lanxess said a June 8 statement.
Leverkusen, Germany-based Lanxess will acquire Jiangsu Polyols Chemical's business and production assets in a deal expected to close in the third quarter of 2009. The parties agreed not to disclose the purchase price.
