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September 19, 2017
By: Anthony Locicero
BASF on Tuesday said it signed an agreement with Solvay to purchase the latter’s integrated polyamide business for €1.6 billion ($1.91B). It is set to be integrated into BASF’s Performance Materials and Monomers divisions, according to Dr. Stefanie Wettberg, SVP, Investor Relations, BASF. The companies plan to close the deal in the third quarter of 2018 after customary regulatory approvals have been obtained and the formal consent of a joint venture partner has been received, according to Wettberg. Per Wettberg, net sales of the set-to-be purchased business totaled €1,315 million in 2016 (EBITDA around €200 million.) The business has 2,400 employees worldwide – approximately 1,300 of them in France, according to Wettberg. There are 12 production sites, four R&D locations and 10 technical support centers, she added.
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