01 July 2010 16:29 [Source: ICIS news]
LONDON (ICIS news)--BASF will discontinue a planned joint venture (JV) between Astra Polymer and the Plastic Additives business of the former Ciba to produce customer-specific antioxidant blends (CSBs) of polymer stabilising additives in the Middle East, the German chemical giant said on Thursday.
The termination of the plans would not impact the existing tolling agreement between the companies to produce CSBs for the region, it added.
BASF said it was now looking for opportunities to grow its polymer business in the ?xml:namespace>
“We are convinced of the strategic importance of the Middle East region and the need for a local production unit for customer specific blends,” said John Frijns, senior vice president of BASF’S Plastic Additives Europe/EAWA unit.
“A thorough evaluation following the integration of the legacy Ciba Plastic Additives business into BASF has furnished new options that will deliver more value to both our customers and BASF,” Frijns added.
BASF bought specialty chemicals major Ciba in a €3.9bn ($4.8bn) deal that closed in April last year.
($1 = €0.82)
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