25 February 1999 10:17 [Source: ICIS news]
LONDON (CNI)--German chemicals giant BASF has completed acquisition talks to buy Dutch group DSM's acrylonitrile-butadiene styrene (ABS) business, both parties confirmed in written statements Thursday.
Negotiations have been successfully completed following the parties signing a letter of intent in October 1998, but the acquisition still needs approval from the anti-trust authorities. Financial details were not disclosed.
BASF is purchasing the customer list, products and know-how of DSM Performance Polymers' ABS business, but not the production plants, said a BASF spokesman. Located at Geleen, The Netherlands, the DSM business produces 60 000 tonne/year of two ABS products, Ronfalin and Stapron N, and achieved sales of Euro100m ($111m) in 1998. Most of its 250 employees will continue to be employed by DSM.
Ronfalin and Stapron N are speciality products with heat resistant properties, and will fit well with BASF's existing ABS portfolio, said the BASF spokesman.
DSM said it is exiting the ABS business to concentrate on core activities. DSM Performance Polymers, to be renamed DSM Polypropylenes on 1 April 1999, focuses on the production of polypropylene and polypropylene compounds.
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