ISELIN, N.J. and LUDWIGSHAFEN, Germany, April 22, 2016 /PRNewswire/ -- BASF has signed an agreement to sell its global Polyolefin Catalysts business to W.R. Grace & Co. Currently, the Polyolefin Catalysts business is part of BASF's Catalysts division. BASF and Grace intend to complete the transaction in the third quarter of 2016.
The targeted transaction includes technologies, patents, trademarks and the transfer of BASF's production plants in Pasadena, Texas, and Tarragona, Spain. It is intended that approximately 170 employees globally will also transfer to Grace.
The planned divestiture remains subject to the required consultation with employee representatives and certain regulatory approvals.
"This sale was the best course of action for both the Catalysts division and for the long-term interests of the Polyolefin Catalysts business and its employees," said Kenneth Lane, President, Catalysts division, BASF.
"With this divestiture, we will continue to sharpen our focus on key growth areas, including our Chemical Catalysts and Refinery Catalysts businesses," said Lane.
About BASF's Catalysts division
BASF's Catalysts division is the world's leading supplier of environmental and process catalysts. The group offers exceptional expertise in the development of technologies that protect the air we breathe, produce the fuels that power our world and ensure efficient production of a wide variety of chemicals, plastics and other products, including advanced battery materials. By leveraging our industry-leading R&D platforms, passion for innovation and deep knowledge of precious and base metals, BASF's Catalysts division develops unique, proprietary solutions that drive customer success. Further information on BASF's Catalysts division is available on the Internet at www.catalysts.basf.com.
BASF Corporation, headquartered in Florham Park, New Jersey, is the North American affiliate of BASF SE, Ludwigshafen, Germany. BASF has nearly 17,500 employees in North America, and had sales of $17.4 billion in 2015. For more information about BASF's North American operations, visit www.basf.us.
At BASF, we create chemistry for a sustainable future. We combine economic success with environmental protection and social responsibility. The approximately 112,000 employees in the BASF Group work on contributing to the success of our customers in nearly all sectors and almost every country in the world. Our portfolio is organized into five segments: Chemicals, Performance Products, Functional Materials & Solutions, Agricultural Solutions and Oil & Gas. BASF generated sales of more than €70 billion in 2015. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (AN). Further information at www.basf.com.
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SOURCE BASF Corporation