08 January 2013 13:55 [Source: ICIS news]
LONDON (ICIS)--BASF has agreed to sell its CONICA Sports Surfaces business in Schaffhausen, Switzerland, as well as a site it operates in the area, the Germany-based chemicals giant said on Tuesday.
The assets are to be acquired by Serafin Group, a Munich-based, family-owned industrial conglomerate, the company added. Both parties declined to disclose financial details.
BASF first announced plans to sell CONICA and its Schaffhausen site in March 2012, saying at the time that it intended to shift its non-CONICA business to another production site. The deal is expected to close in the second quarter of 2013.
135 people are currently employed at the site, 60 of which will transfer to Serafin. 40 employees working in the production of industrial floorings, sealants and polyurethane (PU) solutions will continue to work at Schaffhausen for BASF for 18 months, before being transferred to another site.
Another 35 staff members specialising in development, product management and sales will also be relocated in the medium term, BASF added.
CONICA’s current nine-strong international sales team will have the option of remaining with the company.
CONICA produces flooring systems for running tracks, tennis courts and playgrounds and has been identified by BASF as a non-core asset.
When first announcing the sale of the unit, the company said that while CONICA had a strong position in Europe, the main growth markets for sports surfaces were in other regions.
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