The British chemicals manager Calum MacLean is to become CEO of the envisaged joint venture for high-performance engineering materials which Advent International and LANXESS AG are planning to form.
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), bringing highly relevant experience in integrating and consolidating multinational blue chip chemical businesses. Due to 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.
The joint venture will benefit from the strong long-term partnership between Advent 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 EUR 3 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.
Calum MacLean, the CEO-designate of the joint venture, said, “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.”
Once established, Advent 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 H1 2023.