Both companies signed an agreement to this effect on Thursday, Nov. 28, 2019.
The parties have agreed not to disclose the purchase price. The transaction is still subject to the approval of the responsible antitrust authorities and is expected to be completed in the first quarter of 2020.
“With IPEL’s business, we are expanding our global production network and strengthening our position in South America”, said Oliver Kretschik, head of the Biocides business line in the Material Protection Products business unit. “IPEL also has a strong customer network that will soon be able to benefit from our combined product portfolio and regulatory expertise.”
In addition to around 100 employees and the production facility, LANXESS is also taking over the Brazilian company’s laboratory facilities.
IPEL generates the majority of its sales with biocides and specialty chemicals for the paint and coating industry.