Oxea Group – a chemical company whose products are used in lubricants – recently launched its business operations under the ownership of investor Advent International. Last December Advent acquired selected businesses of Celanese Chemicals and chemical company European Oxo, a joint venture of Celanese and Degussa, for 480 million (U.S. $633.1 million).
The acquisitions were consolidated into a new company following approval by antitrust authorities. The product range of the transferred businesses remains intact, and Oxea will take over existing contracts and orders.Oxea Group employs 1,300 people atproduction sites in Germany, in Oberhausen and Marl; and in the United States, in Bay City and Bishop, both in Texas. Oxea produces and markets polyols, solvents and oxo derivatives worldwide.
Martina Floel, spokesman for the Oxea management board, said, the new Oxea Group is one of the largest suppliers of different solvents, polyols, carboxylic acids, alkyl amines and olefin derivatives for various applications such as coatings, dyes, lubricants and plastics. The investment of Advent International and the integration of the various businesses will enable us to optimize our value chains and consider expansion toward Eastern Europe or Asia in addition to maintaining our strong focus on Europe and North America.
We have great experience in the integration and refocusing of companies, said Ronald Ayes of Advent International. With Oxea, we see very large potential for future growth. We will use our resources and our sector network to support this potential over the long term.