08 June 2010 17:49 [Source: ICIS news]
LONDON (ICIS news)--BASF has agreed to sell a plastic additives business it gained as part of its acquisition of Swiss specialty chemicals major Ciba to US-based colour and concentrates manufacturer Techmer PM, the German chemical major said on Tuesday.
The companies did not disclose financial details of the transaction.
Following its acquisition of Ciba in April last year for around €3.9bn, BASF said the hydrophilic melt additives business was not part of its future strategic scope for the plastics industry.
“We are excited about the acquisition of BASF’s hydrophilic melt additives business and are in a unique position to successfully grow this business because it complements our existing product line and strong presence in the markets of fibres and nonwovens,” said Techmer PM president and CEO John Manuck.
The transaction would include intellectual property and technical information, but no transfer of trademarks, tangible assets or personnel, BASF said.
The deal would also not have any impact on BASF’s organisational structure, it added.
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