LANXESS signed a contract to sell its Urethane Systems business to UBE Corporation for €460 million (~$506 million).
The sale includes 5 manufacturing sites and 400 employees.
LANXESS expects €500 million (~$550 million) in proceeds, aiming to reduce its net debt by ~0.5x.
The transaction is subject to regulatory approval and is expected to close in H1 2025.