LANXESS acquire disinfection, hygiene solutions provider Theseo

LANXESS to acquire disinfection, hygiene solutions provider Theseo

11:13 AM, 12th January 2021
Lanxess-Theseo-animal-farming
LANXESS will acquire the French group, Theseo, a leading manufacturer of disinfection and hygiene solutions in Europe and Latin America. The products are used in particular in livestock farming to prevent and control diseases.

COLOGNE, GERMANY: LANXESS intends to further expand its Consumer Protection business and has entered into exclusive negotiations to acquire the Theseo group. The French group, headquartered in Laval, is a leading manufacturer of disinfection and hygiene solutions in Europe and Latin America. The products are used in particular in livestock farming to prevent and control diseases.

LANXESS will significantly expand its range of products for the growth market animal hygiene and will in future also be able to offer products for the animal nutrition industry.

The parties expect the transaction to be completed in mid-2021.

“We are focusing on profitable specialty chemicals and here consumer protection products play an important role. Once we complete the planned acquisition of Theseo, we will yet again expand our high-margin business in this area,” said Matthias Zachert, chairman, board of management, LANXESS AG.

LANXESS plans to finance the envisaged acquisition with an enterprise value of approximately EUR 70 million out of cash. In 2020, Theseo is expected to generate sales of around EUR 33 million and an EBITDA in the mid-single-digit million euro range. Within three years following the completion of the planned transaction, LANXESS expects an additional annual EBITDA contribution in the same amount from synergy effects. The envisaged acquisition will already be earnings per share (EPS) accretive

in the first fiscal year after its completion.
Perfect addition to the material protection business

Theseo has about 100 employees and sites in Laval (France), Wietmarschen (Germany), Hull (UK) and Campinas (Brazil). LANXESS intends to integrate the business into its Material Protection Products business unit, where it would complement the portfolio of disinfection and hygiene solutions.

“A successful acquisition of Theseo will allow us to strengthen our position in the field of animal hygiene and to expand our portfolio with further renowned premium products,” said Michael Schafer, head of the Material Protection Products business unit. “The strong presence of Theseo in Europe will drive our business and complement our global presence.”

Theseo offers an extensive portfolio of disinfection and hygiene products for all areas of pig and poultry. Herein, LANXESS sees strong growth prospects due to rising biosecurity requirements. Theseo also has a well-positioned portfolio in water hygiene as well as animal nutrition. With the continuous drive towards antibiotic free meat, these products play an ever-growing role in livestock production.

LANXESS Material Protection business unit products are used in a huge variety of applications worldwide. With its broad range of active antimicrobial ingredients and formulations, the business unit provides customer-specific solutions for various branches of industry such as disinfection, paints and coatings, wood protection, construction and beverages.

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