British chemicals manager Calum MacLean is to become CEO of the envisaged joint venture for high-performance engineering materials which private equity investor Advent International (Advent) and speciality chemical company LANXESS AG (LANXESS) are planning to form.
MacLean, who will assume the position of CEO for the envisaged company upon closing of the transaction, has 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, he 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.
MacLean is currently a non-executive board director of SABIC and has recently stepped down as a non-executive board director of Clariant.
The joint venture will benefit from the strong long-term partnership between Advent and LANXESS and is expected to have sales of around €3 billion making it a major supplier to the growing automotive, electronics, electrical and consumer goods segments, with a particular focus on environmentally friendly and sustainable products.
Once established, Advent will hold a minimum share of 60% in the new joint venture, with the remaining stake being held by LANXESS. The transaction is subject to merger clearances and is expected to close in H1 2023. LANXESS and DSM are currently working on completing the respective carve-outs and preparing business integration for day one. MacLean has been appointed by Advent International with full support of LANXESS.
Source: privateequitywire.co.uk
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