BASF on track for H1 commodity styrenics sale

21 February 2008 19:38  [Source: ICIS news]

LUDWIGSHAFEN, Germany (ICIS news)--BASF expects to agree to the sale of its commodity styrenics business in the first half of this year, the chemicals giant said on Thursday.

BASF has not named any potential buyers for its styrenics business.

Following the planned divestment of its styrene monomer and standard styrene polymers and copolymers, which it values at €615m ($905m), the company said it expects higher sales and earnings from the continuing specialties and foams operations in 2008.

BASF reported styrenics sales down 5.3% in the fourth quarter of 2007 at €1.2bn due to price and currency effects as well as weaker demand from construction and the volatile market for the standard products it intends to divest.

The speciality foam business developed favourably in Europe, it added. Operating profit (earnings before interest and tax) before special items increased slightly.

($1 = €0.68)

By: Nigel Davis
+44 20 8652 3214

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