Advent and LANXESS joint venture appoints MacLean as CEO
Advent International, one of the largest and most experienced global private equity investors with a well-established track record in chemicals, and LANXESS, a global specialty chemical company, announced that Calum MacLean will become CEO of the joint venture between Advent International and LANXESS upon closing of the transaction.
On May 31, 2022, Advent International and LANXESS announced the joint acquisition of DSM Engineering Materials alongside its combination with LANXESS High-Performance Materials (subject to competition clearance) to establish a leading global engineering materials company.
MacLean brings extensive global CEO experience in petrochemicals, polymers and specialty chemicals from his time with INEOS and most recently as CEO of Synthomer. During his 17 years at INEOS, MacLean established and integrated two highly successful joint ventures in chemicals (Styrolution) and refining (PetroIneos), and therefore brings highly relevant experience in integrating and consolidating multinational blue chip chemical businesses.
With his background, MacLean is the ideal candidate to lead the envisaged merger of equals following the ‘best-of-both-worlds’ principle and the ambition to preserve the rich heritage of both businesses. He is currently a non-executive board director of SABIC and has recently stepped down as a non-executive board director of Clariant.
“We are very happy that Calum has accepted the designated CEO role in this strategic investment and are convinced that his highly relevant experience at both INEOS and Synthomer will be invaluable during the integration and subsequent growth of the engineering materials business. We look forward to working with him and the future executive management team on this exciting venture,” said Ronald Ayles, managing partner at Advent International, which will control the joint venture company.
“Calum is a highly regarded executive with a strong reputation in both the chemical industry and financial markets, and I am convinced that he has the right expertise and skill base to lead the joint venture, once it will be established in the first half of next year. LANXESS and Advent will support Calum during the integration phase as the joint venture establishes itself as a strong global player in this highly attractive market, following merger clearances,” said Matthias Zachert, CEO of LANXESS.
The joint venture will benefit from the strong long-term partnership between Advent International and LANXESS, as well as from their vast experience and common understanding of establishing and growing a highly innovative engineering materials business.
The new company is expected to have sales of around EUR3 billion (USD3 billion) and to be one of the leading suppliers to the attractive and growing automotive, electronics, electrical and consumer goods segments, with a particular focus on environmentally friendly and sustainable products. The highly complementary combination both in terms of regional footprint and product range will bring together well-invested assets, skilled employees with a strong cultural fit, and a comprehensive innovation pipeline.
“I am truly excited by the challenge and opportunity to lead the merger of equals of two highly successful and complementary businesses with rich heritages from DSM and LANXESS. The combination will create a truly global engineering materials business and an exciting future for both employee teams and customers going forward,” said MacLean, the CEO-designate of the joint venture.
Once established, Advent International will hold a minimum share of 60% in the new joint venture, with the balance being held by LANXESS. The transaction is subject to merger clearances and is expected to close in in the first half of 2023. LANXESS and DSM are currently working on completing the respective carve-outs and preparing business integration for day 1.