13 November 2007 11:48 [Source: ICIS news]
LONDON (ICIS news)--BASF has bought SABIC’s stake in the companies’ engineering plastics joint venture BASF GE Schwarzheide for an undisclosed sum, the German chemicals major said on Tuesday. ?xml:namespace>
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“With the purchase of SABIC’s shares in the production joint venture, we are able to satisfy our customers’ rising PBT demand,” said Willy Hoven-Nievelstein, the head of BASF’s engineering plastics division in Europe
The acquisition would not not affect employees as all workers at the site were already employed by the German group, BASF said.
The shares in BASF GE Schwarzheide were recently transferred to producer Saudi Basic Industries Corp (SABIC) after its $11.6bn acquisition of GE Plastics.
The engineering plastic PBT is mainly used in automotive construction as well as the electronics and electrical industries.
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