PRZOOM - /newswire/ -
Ludwigshafen, Germany, 2014/03/04 - BASF has signed an agreement to divest PolyAd Services, part of its Plastic Additives business unit, to Edgewater Capital Partners, L.P., a private equity firm based in Cleveland, Ohio - BASF.com. DE000BASF111
• Plastic Additives business will increase focus on light stabilizers, antioxidants and Customer Specific Blends;
• Closing of transaction expected in second quarter of 2014.
The closing of the transaction is expected to take place in the second quarter of 2014. The parties have agreed not to disclose the financial details of the transaction.
PolyAd Services is a stand-alone global business that offers innovative specialty blends and services to solve additive incorporation problems for the plastics compounding and converting industry globally. The business serves a wide spectrum of plastic applications in industries, such as automotive, building and construction, packaging and electronics.
PolyAd Services has grown over the last few years, however for BASF’s Plastic Additives business, the company’s services business model is a niche business that offers a limited channel to market for its product portfolio.
“With the sale of PolyAd Services, our Plastic Additives business will focus even more on our core business areas, light stabilizers, antioxidants and Customer Specific Blends (CSBs), strengthening our ability to better serve the global market as the leading manufacturer of additives worldwide,” said Diego Lopez, Senior Vice President, Performance Chemicals North America.
“Increasing performance and sustainability requirements for plastics in a variety of industries are driving an increased demand for innovative additive solutions for the underlying resins. We see positive future growth prospects for PolyAd Services, building on the expertise and professionalism of the PolyAd team,” said Ryan Meany, Managing Partner, Edgewater Capital Partners, L.P.
About Plastic Additives
BASF (plasticadditives.basf.com) is a leading manufacturer, supplier and innovation partner of additives for the plastics industry such as ultraviolet (UV) light stabilizers, antioxidants and process stabilizers, and other additives.
BASF (basf.com) is the world’s leading chemical company: The Chemical Company. Its portfolio ranges from chemicals, plastics, performance products and crop protection products to oil and gas. We combine economic success with environmental protection and social responsibility. Through science and innovation, we enable our customers in nearly every industry to meet the current and future needs of society. Our products and solutions contribute to conserving resources, ensuring nutrition and improving quality of life. We have summed up this contribution in our corporate purpose: We create chemistry for a sustainable future. BASF had sales of about €74 billion in 2013 and over 112,000 employees as of the end of the year. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (AN).
Contact: Elizabeth Arnone, North America
P: +1 973-245-7865 - E: betsy.arnone[.]basf.com