Lanxess is in talks to buy synthetic rubber company Eliokem, in a move that would bolster its position as the world's largest producer of synthetic rubber. Lanxess managers met with bankers to discuss the deal last week, the Financial Times Deutschland said, citing unnamed sources.

Lanxess declined to comment.

Eliokem, which is specialized in natural and synthetic latex and rubber compounds, was founded in 2001 when it was spun out of the specialty chemicals business of the Goodyear Tire & Rubber Company. Eliokem has been put up for sale by its owners, which include Axa Private Equity, the paper said.