11 March 2013 12:58 [Source: ICIS news]
LONDON (ICIS)--BASF has completed the acquisition of sections of the toluene diisocyanate (TDI) business of Polish state chemicals group Ciech, the Germany-based petrochemicals giant said on Monday.
Financial details were not disclosed.
However, Zachem ceased TDI production in late December 2012 due to a non-competition clause embedded into the BASF-Ciech deal, precluding the Polish company from engaging in the sale, production or distribution of the material for three years from the point of the transaction close, according to Raiffeisen Centrobank.
According to the bank, BASF is paying a significant price for the deal, which spells the withdrawal of Ciech as a competitor for TDI production in the region. The Zachem TDI business produced 75,000 tonnes/year of the material, making it Europe’s fifth-largest producer.
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