BASF SE and Solenis have agreed to combine their paper and water chemicals businesses, BASF said on Thursday.
The combined business, which had pro-forma sales of 2.4 billion euros ($2.88 billion), will be 49 percent owned by BASF, while funds managed by private equity firm Clayton, Dubilier & Rice will hold the rest, it said.
No financial details of the transaction were disclosed.
BASF has embarked on an organizational revamp. It has agreed to spend billions on agricultural seed assets from peer Bayer. BASF is also planning to merge its oil and gas division with rival DEA and float it on the stock exchange.
But Martin Brudermueller, who will take over as CEO has thrown his weight behind the chemical group’s strategy of keeping divergent businesses folded into one company, at a time when its major rivals such as DowDuPont (DWDP.N) are breaking themselves up.
($1 = 0.8339 euros)
By Maria Sheahan
Source: Reuters
CF Industries Holdings, Inc. (NYSE: CF) today announced that it has closed its acquisition of Incitec Pivot Limited’s (“IPL”) ammonia production complex located in Waggaman, Louisiana. Under the terms of the agreement, CF Industries purchased the Waggaman ammonia plant and related assets for $1.675 billion, subject to adjustments.
The Virgin Atlantic flight was powered entirely by SAF, that was a drop-in replacement for conventional jet fuel, but made solely from sustainable feedstocks. This was enabled through the inclusion of a new bio-based aromatic jet fuel blending component.
Cepsa SA (Madrid) has agreed a deal with C2X, an independent firm owned by AP Moller Holding with AP Moller-Maersk as minority owner, to develop a 300,000 metric tons per year renewable methanol plant at Huelva, Spain.