Written on 18.07.2012 - Industry
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Altana acquires production facilities from Changzhou Lantian Ruiqi Chemical

Elantas Electrical Insulation, a division of Altana AG, has agreed to acquire the business with tris-2-hydroxyethyl isocyanurate (THEIC) of Chinese company Changzhou Lantian Ruiqi Chemical Co., Ltd.

Elantas will take over the company's production facilities in Changzhou, its technology and employees. The transaction is expected to be completed in the third quarter of 2012. Financial details were not 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.

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 EU, the NAFTA region, and India, and complements our good position in China.”