Lanxess to buy Emerald Kalama
Lanxess has signed a binding agreement to acquire Emerald Kalama Chemical from private equity firm American Securities for € 867 million . The deal , which will be financed from existing liquidity , should be completed in Q2 , subject to approval by the relevant authorities . Based Kalama , Washington , Emerald Kalama employs about 500 and has other production sites at Rotterdam , Netherlands , and Widnes , UK . It had sales of around $ 425 million , 45 % of it in North America , and EBITDA pre-exceptionals of about $ 90 million last year . Lanxess expects to achieve synergy effects of about $ 30 million / year within three years . Emerald Kalama manufactures speciality chemicals and has 75 % of its sales in the consumer segment . These include preservatives for food , household and cosmetic applications , flavours and fragrances , as well as products for animal nutrition . The remainder comes from industrial applications , including plastics and adhesives . By acquiring Emerald Kalama , said Matthias Zachert , chairman of the board of management at Lanxess , “ we will further strengthen our Consumer Protection segment and open up new application areas with strong margins , for example in the food industry and animal health sector ”.
Lanxess has also completed the acquisition of the French-based Intace , a manufacturer of speciality fungicides for the packaging industry . Terms were not disclosed but the company said that the acquired business “ accounts for annual sales in the mid single-digit million euro range ”.
Zachert – Emerald Kalama opens up new areas
Recipharm is taken private by management
Swedish-based CDMO Recipharm has passed into the ownership of Roar BidCo , a vehicle set up by investment organisation EQT IX and backed by chairman Lars Backsell and CEO Thomas Eldered . This was confirmed at a meeting on 15 February , when shareholders representing 98.8 % of the shares unanimously accepted the offer . As a result , the company applied to be delisted from the Nasdaq Stockholm and trading of the shares ceased on 5 March . A payment of SK 5,000 per SK 1 million of bonds held is to be paid out .
Backsell ( left ) and Eldered have taken back control at Recipharm
The Recipharm board unanimously recommended a revised offer of SK 232 / share , up from earlier ones of SK 196 and SK 220 . This represented a premium of about 31.2 % on the volume-weighted average trading price of SEK 176.87 on the last day of trading before the offer was announced . The board added that it considered a number of factors in evaluating the offer , including the current strategic and financial position , prevailing market conditions , operational opportunities and challenges , and the company ’ s expected future development . Backsell and Eldered , who indirectly hold shares representing about 74.3 % of all votes and 25.7 % of the share capital , stood aside during the due diligence process because of their stake in the bid . The support of various banks and pension funds representing a further 18.4 % brought the total above the 90 % threshold required Recipharm was first listed on Nasdaq Stockholm in 2014 . Net sales grew from SK 2.1 billion in 2013 to SK 11.1 billion in 2020 , while EBITDA grew from SK 283 million to just over SK 2 billion . In early 2020 , it acquired Consort Medical , Aesica ’ s owner , in a SK 6.3 billion deal . The company has since signed major COVID-19-related deals with Arcturus Therapeutics and Moderna , and invested to ensure supply to both . The latter ’ s therapy is now approved in the EU and the US and Recipharm now has additional orders worth about SK 350 million for 2021 . These deals , the company said , in part explained the increased offer since Roar BidCo first emerged .
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