The producer of cellulosic fibers, Lenzing AG, Lenzing/Austria, intends to acquire the remaining 30% of its subsidiary Lenzing (Nanjing) Fibers Co. Ltd. (LNF), Nanjing, Jiangsu/China, from its state-owned joint venture partner NCFC.
After closing of the transaction, the Lenzing Group will hold 100% of LNF. The underlying structured selling process was initiated by the joint venture partner in a state controlled bidding process. The closing of the transaction documents is expected for the end of October 2018.
The purchase of the shares supports Lenzing’s strategic growth as a producer of cellulosic specialty fibers in China and worldwide.