Austria-based Lenzing Group has announced plans to acquire the remaining 30 percent of its China-based subsidiary Lenzing (Nanjing) Fibers Co. Ltd. (LNF) from its state-owned joint venture partner NCFC, which initiated the underlying structured selling process in a state controlled bidding process. The transaction will have a negative impact on the net profit for the Lenzing Group of approximately 21 million euros for fiscal year 2018. Over time, Lenzing plans to convert LNF into a specialty fibers hub.
November/December 2018
