ELANTAS Electrical Insulation will not acquire the THEIC business from Changzhou Lantian
Wesel, November 2012 – ELANTAS Electrical Insulation, a division of the specialty chemicals group ALTANA AG, and Changzhou Lantian Ruiqi Chemical Co., Ltd. (China) have agreed not to execute the asset purchase agreement for the acquisition of Lantian’s business with Tris-2-hydroxyethyl-Isocyanurat (THEIC) the signed in June this year. Crucial for this mutual decision were regulatory issues in the course of the acquisition to expand the production capacities of the facilities in Changzhou in a timely manner as previously intended by the parties.
Dr. Guido Forstbach, President Division Electrical Insulation and Chairman of the Management Board ELANTAS GmbH, said: "The decision not to execute the deal was not easy for any of us, but under the prevailing circumstances was without alternative. 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“.