BASF Venture Capital invests $2.7m in US-based FRX Polymers

30 March 2012 14:18  [Source: ICIS news]

LONDON (ICIS)--BASF Venture Capital has invested $2.7m (€2.0) in US-based advanced materials company FRX Polymers, the Germany-based chemicals major said on Friday.

FRX Polymers develops and produces non-halogen flame-retardant polymers, the group said.

FRX Polymers is currently operating three pilot plants. Two are in the US at Chelmsford in Massachusetts, with another, larger facility, in Switzerland, BASF added.

“The demand for our outstandingly environment-friendly products is increasing sharply,” said Marc Lebel, CEO of FRX Polymers.

“We will therefore be using the funds from the financing round to further expand our new production plant in Antwerp and our sales operations.”

BASF Venture Capital explores new growth potentials based on investment in start-up companies and funds. Its FRX Polymers investment is part of a current $26.7m round of financing.

($1 = €0.75)

By: Franco Capaldo
+44 (0)20 8652 3214

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