2 Jun 2023 09:40

Germany's Lanxess leaves Russia

LIPETSK. June 2 (Interfax) - The assets of German specialty chemicals company Lanxess in Russia's Lipetsk Region have been transferred to Russian businessman Vladimir Yakushin.

Lanxess Lipetsk LLC, which was previously controlled by the German company, is now 99.9% owned by management company Lanxess LLC and 0.01% by new shareholder Nortex LLC, data in the Unified State Register of Legal Entities (USRLE) as of May 30 showed.

Russian management firm Lanxess LLC, which was also previously controlled by the German company, has also seen an ownership and leadership change. USRLE data as of May 31 showed that this company is now wholly owned by Nortex LLC, the beneficiary of which is Yakushin. He also replaced Konstantin Smirnov as CEO of Lanxess LLC.

Nortex said on its website that it is one of the largest distributors of chemical raw materials and construction systems in Russia and the CIS. It imports chemical raw materials from more than 70 foreign manufacturers.

Lanxess, one of the world's largest specialty chemical producers, launched its plant in the Lipetsk special economic zone in 2013, investing more than 200 million euros in the project. The Russian plant made polymer-bound additives under the Rhenogran brand for rubber used in the automotive and tire industry.