Specialty chemicals company LANXESS recently announced that it has successfully completed the acquisition of U.S. company Chemtura, one of the world’s leading suppliers of flame retardant and lubricant additives, earlier than originally expected, effective 21 April 2017. All required regulatory authorities have cleared the transaction. In February 2017, Chemtura's shareholders had already voted to approve the acquisition. With a total enterprise value of EUR 2.4 billion, Chemtura is the largest acquisition in the history of LANXESS. The acquisition significantly expands the company's additives portfolio and makes LANXESS one of the world's leading players in this growth field. Chemtura’s urethanes and organometallics businesses will also be integrated into the LANXESS portfolio. The Cologne-based specialty chemicals company will absorb some 2,500 Chemtura employees at 20 sites in 11 countries around the globe. The former Chemtura businesses generate annual sales of about EUR 1.5 billion. "The acquisition of Chemtura is another major step in our realignment process and a significant milestone in our course of growth. The ‘new’ LANXESS is increasingly taking shape," said Matthias Zachert, Chairman of the Board of Management of LANXESS AG. "The expansion of the additives business gives LANXESS an additional strong pillar. In its new set-up and with an even more balanced portfolio, the company will be much more stable and profitable. At the same time, Chemtura considerably strengthens our presence in the North American growth region. We will now focus our energy on rapidly and smoothly integrating the new businesses and employees, as well as on optimally serving our new and existing customers." LANXESS increased its footprint in North America through the acquisition. In this region, the company is now represented at 24 production sites (previously 12) and employs about 2,800 staff (previously 1,500). The region’s share in global sales increases from approximately 17 % to approximately 21 %. The expected annual synergy effects from the transaction amount to about EUR 100 million with realization targeted by 2020. The acquisition of Chemtura is already expected to be accretive to LANXESS’s earnings per share in the first full fiscal year after closing. LANXESS financed the acquisition through two corporate bonds and a hybrid bond as well as cash. The bonds were successfully placed at attractive terms already in 2016. For more information, please visit the official website of LANXESS.