This is another step towards the successful closing of the deal, which is planned for the second quarter of this year. 

TFL said the purchase will significantly strengthen its finishing product portfolio and presence in the automotive industry. “The integrated business will offer an unparalleled range of high performing, innovative and sustainable solutions to the leather industry,” it added.

Lanxess manufactures a broad range of leather chemicals at its plants in Europe and China, and has a worldwide network of laboratories and sales offices. TFL will acquire Lanxess’s organic leather chemicals business, which operates with around 460 employees. 

The combined TFL and LANXESS leather businesses will employ around 1,200 people worldwide and have a turnover of approximately €450 million on a proforma basis.