05 December 2013 14:42 [Source: ICIS news]
LONDON (ICIS)--Germany-based chemicals producer BASF said on Thursday that it has agreed to sell its Vinuran PVC modifier business to the Belgian subsidiary of Japan-based chemicals producer Kaneka Corporation.
The deal includes intangible assets and inventory, but does not include production assets or employees in BASF’s Ludwigshafen, Germany, headquarters.
The deal is expected to close in the first quarter of 2014, the company added, subject to regulatory approval. Financial details were not disclosed.
Unit materials are set to be produced at Kaneka Belgium and/or its Kaneka Modifiers Deutschland subsidiary, based in Wesseling, Germany, according to Kaneka.
BASF said that the unit is not core to its strategy for its acrylate modifier business, and will focus on the growth of its acrylate-based dispersions portfolio following the divestment.
Kaneka said that it had realigned polyvinyl chloride modifiers as part of its core business, and is looking to further expand its acrylic-based modifier operations in Europe.
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