12 June 2012 10:34 [Source: ICIS news]
LONDON (ICIS)--Altana, through its Elantas Electrical Insulation division, has acquired China-based tris-2-hydroxy ethyl isocyanurate (THEIC) producer Changzhou Lantian Ruiqi Chemical, the Germany-based specialty chemicals firm said on Tuesday.
Financial details of the deal, which is expected to be completed in the third quarter of 2012, were not disclosed. THEIC is used as coating/enamel on electrical wires.
Elantas will take over Changzhou Lantian Ruiqi Chemical's production facilities in ?xml:namespace>
“This transaction enables us to focus more on our other activities and to hand over essential chemical know-how to a long-standing and reliable partner,” said Zhu Bo Fan, chairman of the managing board of Changzhou Lantian Ruiqi Chemical.
Wolfgang Schutt, chairman of the Elantas management board said: "The new Chinese company fits in very well with the global strategy of Elantas. It integrates well into our production sites in the EU, the NAFTA [North American Free Trade Agreement] region, and
Altana said that Elantas will continue the business under the name “Elantas Changzhou” and plans to expand the capacity of the plant.
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