Sector News

BASF, Solenis to combine paper and water chemicals businesses

May 3, 2018
Chemical Value Chain

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

comments closed

Related News

November 27, 2022

ICIG to acquire MSSA from Nippon Soda

Chemical Value Chain

International Chemical Investors Group (ICIG) has entered exclusive negotiations with Nippon Soda and made what it said is a “firm and binding offer” to acquire the Japanese group’s offshoot Métaux Spéciaux (MSSA), a sodium metal specialist.

November 27, 2022

FIFA World Cup: Coca-Cola launches 100% recycled PET bottles to promote Qatari recycling

Chemical Value Chain

Aligning with the SC’s key initiatives on responsible plastic recycling, Coca‑Cola Middle East’s pilot of 100% rPET bottles marks the first time the packaging will be in circulation at a FIFA World Cup tournament and serves as Coca‑Cola’s debut in locally producing the bottles in the region.

November 27, 2022

Neste acquires another used-oils business in the U.S.

Chemical Value Chain

Through the transaction, Neste is acquiring a leading UCO collection and recycling business on the US West Coast, covering the collection, logistics and storage of UCO in California, Oregon and Washington. Together with the previous acquisitions (…) the transaction continues to enhance Neste’s global raw materials sourcing platform.