23 September 2002 13:53 [Source: ICIS news]
LONDON (CNI)--BASF is divesting its European engineering plastics and Styrol plastics distribution activities for small customers to external sales partners.
The German group said Monday it is selling its activities in Spain, Portugal, UK, Ireland and Italy to Ultrapolymers and its Swiss activities to Albis Impex.
Activities in other regions are already handled externally, by Albis and A Schulman. Hamburg, Germany-based Albis covers Germany, Austria, Finland, Norway, Sweden, Poland, Slovakia, the Czech Republic and Hungary. Meudon-La-Foret, France-based A Schulman covers France, Belgium, Luxembourg and The Netherlands.
BASF noted that it will continue to work with some other third-party distributors in Italy.
Ultrapolymers, a newly created company, will acquire the BASF companies Nordisa in Spain and Margo in Portugal, as well as the plastics sectors of both Cheadle Colour and Chemicals in UK/Ireland and BASF Trading Chemicals in Italy. Albis will purchase the plastics business of Swiss BASF firm Bascom.
Headquartered in Dilbeek, Belgium, Ultrapolymers is a consortium of Luxembourg firm Ravago, the management of the new company and investment company KBC Investco.
In addition, Ravago and its subsidiary EP Coumpounding will take over BASF’s styrene copolymer compounding plant in Tarragona, Spain under a licensing deal, a BASF spokesman told CNI. Some equipment, for example extrusion, will go to Ravago, he said, but the buildings and utilities will stay with BASF.
Some 123 employees will be affected by the transactions, including 81 in Spain.
No financial details of any of the transactions were disclosed. Global sales from BASF’s engineering plastics and Styrol plastics business were around Euro8.2bn ($8.1bn) last year.
BASF said the restructuring will allow the group to focus on its core business with large- to medium-sized customers.
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