Germany’s Lanxess (Cologne; www.lanxess.com) has announced that Calum MacLean, 58, will head its JV with US financial investor Advent International (Boston, Massachusetts; www.adventinternational.com – see Plasteurope.com of 31.05.2022). The companies said they plan to create a new heavyweight in the engineering thermoplastics market with the DSM materials division acquired by Advent and the Lanxess High Performance Materials segment. The consolidated turnover would be at around EUR 3 bn.

Maclean has 30 years of experience in petrochemicals, most recently as CEO of Synthomer and before that as director at Ineos, in addition to being part of the supervisory boards of Sabic and Clariant. He resigned his seat at the latter in April 2022.

While at Ineos, the native Scotsman played an essential role in founding the UK company’s Styrolution and PetroIneos JVs. Advent noted that this makes him ideal for the task ahead.

Transaction and foundation of the new company, the name of which has not yet been disclosed, are expected to be completed in the first half of 2023, pending approval by antitrust authorities. Advent will hold 60% and Lanxess the remaining 40% – at least until the probable complete takeover by the US investor. Lanxess said the respective spin-offs are in the works, as are preparations for day one.