On May 31, 2022, Advent International and Lanxess announced the joint, Advent International controlled, acquisition of DSM Engineering Materials, alongside its combination with Lanxess High-Performance, to establish a leading global engineering materials company with sales of around € 3 billion. Calum MacLean is to become CEO of the envisaged joint venture (JV). He brings global CEO experience in petrochemicals, polymers and specialty chemicals from his time with Ineos Holdings Ltd., London/UK, and most recently as CEO of Synthomer plc, London. During his 17 years at Ineos, he established and integrated 2 successful JVs in chemicals (Styrolution) and refining (PetroIneos), and therefore brings relevant experience in integrating and consolidating multinational blue chip chemical businesses.
The JV will benefit from the strong long-term partnership between Advent International Corp., Boston, MA/USA, and Lanxess AG, Cologne/Germany, as well as from their experience and common understanding of establishing and growing an innovative engineering materials business. The new company is expected to be one of the leading suppliers to the growing automotive, electronics, electrical and consumer goods segments, with a particular focus on environmentally friendly and sustainable products. The complementary combination, both in terms of regional footprint and product range, will bring together assets, skilled employees, and a comprehensive innovation pipeline, therefore creating a strong foundation for sustainable long-term growth.
Once established, Advent will hold a minimum share of 60% in the new JV, with the remaining stake being held by Lanxess. The transaction is subject to merger clearances and is expected to close in H1/2023.