LANXESS Aktiengesellschaft (XTRA:LXS) has initiated a process to sell its polyurethane business, which could be valued at between EUR 500 million (USD 547.2 million) and EUR 600 million, German paper Handelsblatt reported on January 15, 2024. The company has engaged Deutsche Bank to search for a buyer, Handelsblatt said, citing people familiar with the matter. Chemical companies such as Evonik Industries AG (XTRA:EVK), Stockmeier, or Plixxent, are considered possible interested parties.

With the sale, Lanxess aims to completely exit the plastics market as the company has transformed into a producer of ingredients for food, cosmetics, and pharmaceuticals.