06 December 2007 16:24 [Source: ICIS news]
LONDON (ICIS news)--BASF will restructure its business from 1 January 2008, creating a new functional solutions segment and a care chemicals division, the German company said on Thursday.
“The new segment Functional Solutions will combine the operating divisions catalysts, construction chemicals and coatings,” it said in a statement.
“A new operating division, care chemicals, will be established into the performance products segment,” BASF added.
Performance products will comprise of two divisions - acrylics and dispersions and care chemicals. The new division includes products for the pharmaceutical, food and feed industry and cleaning and aroma chemicals.
Care chemicals will employ approximately 4,600 employees worldwide and will be headed by Gabriel Tanbourgi. The division’s annual sales are approximately €3bn ($4bn), BASF added.
The other five segments within BASF are Chemicals, Plastics, Performance Products, Agricultural Solutions and Oil and Gas.
The specialty plastics and foams business unit will be transferred from the styrenics division to the performance polymers division, the company said.
“On the one hand, by combining its competence in specialty plastics and foams with its businesses in the performance polymers division, BASF is also able to offer its customers optimal solutions for their requirements,” it added.
BASF is in the process of becoming a European company or Societas Eurpaea.
($1 = €0.68)
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