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
The investment enables the steam cracker to increase the share of renewable and recycled raw materials used in its (ethylene and propylene) production. The move supports the Borealis Strategy 2030 for a circular economy. The Porvoo investment program is expected to be completed in 2025.
Murray Auchincloss, bp’s CEO, said in a statement: “As I set out in February, BP’s destination from IOC [international oil company] to IEC [integrated energy company] is unchanged – and we need to deliver as a simpler, more focused, and higher-value company.
Founded in 1972, Tecnofilm has expanded its product portfolio over the years to offer a wider range of compounds and functional polymers for various industrial applications and technical articles. The company has patented several of its products.
