Oman Oil to buy German chemicals maker Oxea in a reported $2.4 bn deal

Oman Oil Company (OOC), the country's oil investment company, today agreed to buy German chemicals maker Oxea from private equity firm Advent International, for reportedly €1.8 billion ($2.4 billion).

Though neither company revealed the financial terms of the transaction, but citing a person familiar with the matter, Reuters reported that OOC paid around €1.8 billion.

Oxea was formed in 2007 through the buyout of Oxo businesses from two international chemical companies - Celanese and Degussa (now Evonik),which Advent acquired in the same year.

With a production capacity of over 1.3 million tons per annum and sales of about €1.5 billion, Oxea produces more than 70 Oxo chemicals for customers in a wide range of industries with various end market applications.

Its products are used in coatings, lacquers, paints, lubricants, flavours and fragrances and are sold to customers in the construction, automotive, pharmaceutical and electronics industry.

The company is also the sole manufacturer of some special Aldehydes, Diols, Specialty Esters and Olefin Derivatives.

It employs over 1400 people worldwide and has production facilities in Germany, the US and in the Netherlands.

''Oxea is an impressive company with a strong track record, highly diversified product portfolio, multistep value chain and strong customer base. With its international presence in Europe and North America, leading technology, efficient platform and longstanding experience in the Oxo segment, Oxea will support our further expansion into the chemical sector,'' said H.E. Nasser bin Khamis Al Jashmi, chairman of OOC.

Martina Flöel, managing director of Oxea, said, ''Oxea is the number one Oxo merchant and holds a leading position as a manufacturer for Oxo products and derivatives. Since its foundation in 2007 we have successfully diversified the company's activities and invested in expanding capacity and our presence in both mature and emerging markets.''