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Lanxess sells paper business unit

Lanxess is selling its Paper Business Unit to Finnish chemicals group Kemira Oyj. Although the sale isn’t expected …

Lanxess is selling its Paper Business Unit to Finnish chemicals group Kemira Oyj. Although the sale isn’t expected to wrap up until next year, the purchase price will be 88 million.

The consolidation in the pulp and paper industry that is seeing fewer and fewer companies sharing the market, prompted the decision to sell the unit. “Many customers want the complete range of services from a single supplier, but our business unit was unable to cover the entire spectrum,” noted CEO Axel C. Heitmann.

After posting losses in 2003 and 2004, the Paper Business Unit has seen a recent improvement in performance.