Exactly one year ago on June 1st, 2021, TFL completed the acquisition of the organic leather chemicals (OLC) business of LANXESS. From that point onwards the teams worked together tirelessly to integrate the two businesses and provide a seamless service to the customers worldwide with the aim of becoming an even stronger player on the leather chemicals market.
The combined TFL and LANXESS leather businesses now employs around 1,200 people worldwide and has a turnover of approximately €450 Million on a proforma basis. With production facilities in Germany, Italy, France, Brazil, India and China and a presence in over 90 countries, it provides excellent global coverage.
“The combination of two world-leading leather chemicals businesses will allow us to better serve our customers with an unparalleled range of high performing, innovative and sustainable solutions for the leather industry”, Dr. Wolfgang Schütt, CEO of the TFL Group, stated 1 year ago.
Without a doubt, such an integration is an ongoing process that will last longer than 1 year and require a lot from all parties. However, the integration has moved forward very rapidly and smoothly, which has been received by all business partners in a very positive way. TFL can be proud what all employees have achieved throughout this year, especially as in many areas the integration targets were even outperformed.
Beyond the integration project, the business environment turned out to be very tough in the second half of 2021 as well as in early 2022. Global supply chain difficulties, high energy costs, volatile raw material prices, in addition to the war in Ukraine, have affected our business globally. These difficulties are being experienced by all companies, not just the fledgling new TFL, where integration activities run in parallel.
On the first anniversary of TFL, the company is cautiously optimistic when looking to the second half of 2022. The global business environment is expected to stay difficult, though the achievements of the past year clearly indicate that we have the right people and business structure to make the most of every opportunity.