BASF buys out SABIC's stake in PBT joint venture

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.

 

Based in Schwarzheide, eastern Germany, the unit produced 100,000 tonnes/year of polybutylene terephthalate (PBT), BASF said.

 

“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.


By: Mark Watts
+44 20 8652 3214



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