Advent International is to appoint Dr. Reinhard Gradl as executive chairman of the Oxo Group.
He has over 30 years experience in the international chemical industry in Europe, the USA and Asia, including holding senior positions at Hoechst in the fields of research and development, operations, procurement and general management.
Advent is buying the Oxo Group from the Celanese Corporation for €480m. The Group is one of the world’s leading manufacturer of oxo coating intermediates and performance chemicals. The deal includes the oxo chemicals and derivatives activities of Celanese as well as European Oxo, a joint venture between Celanese and Degussa.