The selling price totaled €780 million after deduction of net debt and pensions, and Lanxess said it received a profit participation of €150 million pretax.

Michael Pontzen, chief financial officer, said the sale of the stake provides Lanxess with “substantial extraordinary proceeds” in the second quarter.” He added that the company is “strengthening its already good financial base, and is thus well prepared to meet the current challenges posed by the corona pandemic.”

The Cologne-based chemical producer has reached a 10-year agreement with Currenta on service and supply contracts for its three sites in Leverkusen, Dormagen and Krefeld, all of which are in Germany and represent a “significant portion” of its global production facilities.

Formerly a 60:40 joint venture of Bayer and its former chemicals segment spun off in 2004 as Lanxess, the site management company operates infrastructure, energy supply and other essential services in the chemical parks in the Lower Rhine region.

Bayer completed the sale of its Currenta stake to MIRA at the end of November 2019.