Germany’s Altana pulls plan to buy China specialty chemical assets

27 November 2012 15:38  [Source: ICIS news]

LONDON (ICIS)--Altana’s ELANTAS Electrical Insulation division will not go through with a planned deal to acquire tris-2-hydroxyethyl-isocyanurat (THEIC) production assets in China.

Altana and China’s Changzhou Lantian Ruiqi Chemical (Lantian) agreed not to execute a purchase agreement for the acquisition of Lantian’s THEIC assets they had signed in June, Altana said in a statement on its website on Tuesday.

The Germany-based specialty chemicals firm cited regulatory issues as a reason, without providing details.

“The decision not to execute the deal was not easy for any of us, but under the prevailing circumstances was without alternative,” said Guido Forstbach, president of Altana’s electrical insulation division.

“Lantian still will be an important THEIC supplier for us, and we are convinced to continue the good cooperation between our companies regardless of this decision,” Forstbach added.

By: Stefan Baumgarten
+1 713 525 2653

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