German specialty chemicals firm Lanxess AG plans to sell its Urethane Systems business to Japanese chemicals manufacturer UBE Corporation. Lanxess announced on Thursday that it has signed a contract to sell Urethane Systems to UBE for an enterprise value of €460 million ($508 million). The expected proceeds from the deal are around €500 million. Lanxess will use the proceeds to reduce its net debt. The sale is expected to close in the first half of 2025, subject to the approval of the relevant authorities. With the sale, Lanxess exits its last remaining polymer business. The Urethane Systems b…