06 November 2012 15:33 [Source: ICIS news]
LONDON (ICIS)--BASF plans to divest its Wall Systems subsidiary in Germany, the German chemicals major said on Tuesday.
BASF Wall Systems, which is part of BASF’s construction chemicals division, supplies insulation and finishing systems in the German market. It employs a staff of 190, which will continue to be employed by the new owner, BASF said.
“Our Wall Systems business in Germany posted significant growth over the last few years,” said Tilman Krauch, president of BASF’s construction chemicals division.
“Nevertheless, there are only limited synergies with other BASF fields of activity that we can make use of. A new owner will be better able to drive the business,” Krauch added.
He did not disclose who the new owner will be.
Last month BASF said it plans to cut 400 jobs from its construction chemicals business and shift the focus for the unit away from southern Europe and the UK, where construction demand remains weak.
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