Lanxess completes sale of Currenta stake to MIRA
Following an agreement reached in August 2019, specialty chemicals company Lanxess has completed the sale of its 40 percent stake in chemical park operator Currenta to Macquarie Infrastructure and Real Assets (MIRA).
The sale was worth an equity value of €780 million (after deduction of net debt and pensions) and it received a profit participation of €150 million pre-tax.
“The sale of Currenta provides us with substantial extraordinary proceeds in the second quarter. We are also strengthening our already good financial base,” said Michael Pontzen, chief financial officer of Lanxess. “We are thus well prepared to meet the current challenges posed by the corona pandemic.”
According to Lanxess, the company has an agreement with Currenta for service and supply contracts for the three sites in Germany — Leverkusen, Dormagen and Krefeld — which will initially run for 10 years. Lanxess said it operates a significant portion of its global production facilities there.
Previously a joint venture between Bayer and Lanxess, Currenta manages and operates infrastructure, energy supply and other essential services in the chemical parks in the Lower Rhine region. Bayer completed the sale of its Currenta stake to MIRA at the end of November 2019.
