ELANTAS Electrical Insulation, a division of the specialty chemicals group ALTANA AG, has signed a purchase agreement today with Changzhou Lantian Ruiqi Chemical Co., Ltd. to acquire the Chinese company's business with Tris-2-hydroxyethyl Isocyanurate (THEIC). Within the framework of the transaction, which is expected to be completed in the third quarter of 2012, ELANTAS will take over the company's production facilities in Changzhou, its technology and employees. Both parties have agreed that no details of the purchase price would be disclosed.
ELANTAS plans to continue the acquired business under the name of 'ELANTAS Changzhou Ltd.' and to expand the capacity of the plant. As a result of the acquisition ELANTAS will be enabled to produce an important raw material for wire enamels in-house. Therefore, ELANTAS will be able to offer its customers an even higher quality and more innovative products. Lantian's current customers can trust ELANTAS to supply them with THEIC in the future too.
Zhu Bo Fan, chairman of the managing board of Changzhou Lantian Ruiqi Chemical, stated: "This transaction enables us to focus more on our other activities and to hand over essential chemical know-how to a long-standing and reliable partner." Dr. Wolfgang Schütt, President Division Electrical Insulation and Chairman of the Management Board ELANTAS GmbH, said: "The new Chinese company fits in very well with the global strategy of ELANTAS. It integrates well into our production sites in the E.U., the NAFTA region, and India, and complements our good position in China."
This press release contains forward-looking statements, i.e. current estimates or expectations of future events or future results. These statements are based on beliefs of ALTANA as well as assumptions made by and information currently available to ALTANA. Forward-looking statements speak only as of the date they are made. ALTANA does not intend, and does not assume any obligation, to update forward-looking statements to reflect facts, circumstances or events that have occurred or changed after such statements have been made.
ELANTAS plans to continue the acquired business under the name of 'ELANTAS Changzhou Ltd.' and to expand the capacity of the plant. As a result of the acquisition ELANTAS will be enabled to produce an important raw material for wire enamels in-house. Therefore, ELANTAS will be able to offer its customers an even higher quality and more innovative products. Lantian's current customers can trust ELANTAS to supply them with THEIC in the future too.
Zhu Bo Fan, chairman of the managing board of Changzhou Lantian Ruiqi Chemical, stated: "This transaction enables us to focus more on our other activities and to hand over essential chemical know-how to a long-standing and reliable partner." Dr. Wolfgang Schütt, President Division Electrical Insulation and Chairman of the Management Board ELANTAS GmbH, said: "The new Chinese company fits in very well with the global strategy of ELANTAS. It integrates well into our production sites in the E.U., the NAFTA region, and India, and complements our good position in China."
This press release contains forward-looking statements, i.e. current estimates or expectations of future events or future results. These statements are based on beliefs of ALTANA as well as assumptions made by and information currently available to ALTANA. Forward-looking statements speak only as of the date they are made. ALTANA does not intend, and does not assume any obligation, to update forward-looking statements to reflect facts, circumstances or events that have occurred or changed after such statements have been made.
