TFL completes acquisition of Lanxess leather business
Leather chemicals group TFL finalised its acquisition of Lanxess’s organic leather chemicals business on June 1.
Lanxess and TFL agreed the deal in August. Subject to regulatory approval, they said the purchase price would comprise a fixed component of €80 million and a performance-related component of up to €115 million. In addition, TFL will assume “certain liabilities” associated with the business.
In January, TFL announced it had received the necessary approval from the competition authorities.
The combined TFL and Lanxess leather businesses will employ around 1,200 people worldwide and have an annual turnover of approximately €450 million.
In the build-up to the finalisation of the deal on June 1, the former vice-president for leather industry relations at Lanxess, Dr Dietrich Tegtmeyer, said he was enthusiastic about combining ideas and experience from both groups. He said he felt sure the combined team would play a leading role in driving sustainability in the leather industry.
