Advent, LANXESS JV announces executive leadership team
Advent International and LANXESS AG announced the global business structure and designated extended management team of their High Performance Engineering Materials joint venture (JV).
The announcement follows the appointment of Calum MacLean as CEO-designate of the joint venture.
Advent and LANXESS announced the joint, Advent-controlled, 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 with sales of around EUR3 billion in May 2022.
Upon closing of the transaction, the JV will be organized into three global business divisions: Performance Materials (comprising DEM Performance Polymers and HPM Engineering Plastics), Specialty Materials (comprising DEM Specialties and HPM Tepex), and Intermediates (comprising HPM Intermediates and DEM Polymer & Films).
This structure will take into consideration the specific market characteristics and management requirements of each of the previous HPM and DEM businesses. These three divisions will be supported by a number of central functions, the exact structure of which will be communicated at a later stage. The JV expects to establish a small head office around Düsseldorf, Germany, and will be supported by the existing Geleen, The Netherlands, and Dormagen, Germany, locations.
Advent and LANXESS also announced the following appointments to the designated executive leadership team:
CFO: Stephen Bennett
EVP Strategy&Transformation: Peter-Hanjo Homberg (currently LANXESS)
EVP Human Resources: Anneleen Drieskens (currently DSM)
EVP Performance Materials: (to follow)
EVP Specialty Materials: Caroline Mitterlehner (currently DSM)
EVP Intermediates: Peter Henrichfreise (currently LANXESS)
Further appointments will be made at a later stage.
Upon closing of the transaction, the JV Shareholders’ Committee composition will include Ronald Ayles (managing partner, Advent), Matthias Zachert (CEO, LANXESS), and Roeland Polet (currentlypPresident, DEM), representing all parties to the transaction. Further members of the Shareholders’ Committee will be nominated at a later stage.