The TFL Group is pleased to announce that, by end of 2020, it has received the merger control approvals of the relevant competition authorities required for TFL's acquisition of the LANXESS Organic Leather Chemicals business. This is another significant step towards the successful closing of the deal, which is planned for Quarter 2 2021.
TFL is looking forward to combining two world-leading leather chemicals businesses. The integrated business will offer an unparalleled range of high performing, innovative and sustainable solutions to the leather industry. The enhanced scale of the company will support TFL's goal to build the Top Performing Leather Chemical Company and significantly strengthens TFL's finishing product portfolio and presence in the automotive industry.
LANXESS manufactures a broad range of leather chemicals at its plants in Europe and China, and has a worldwide network of application-oriented laboratories and sales offices. TFL will acquire LANXESS’s organic leather chemicals business, which operates with around 460 employees.
The combined TFL and LANXESS leather businesses will employ around 1,200 people worldwide and have 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 will provide truly global coverage.
With the positive news from the competition authorities, TFL is optimistic that the acquisition process will occur on schedule and is continuing to work very intensively in order to guarantee a smooth transition for all of our stakeholders.