BASF has agreed to acquire the polyisobutene business of compatriot chemical producer Lanxess for an undisclosed sum. The two companies said the deal concerns for the most part intellectual property for a new, innovative technology to produce high molecular weight polyisobutene (HM PIB).

Under the terms of the transaction, Lanxess will produce the new HM PIB for BASF in its existing facilities under a long term toll manufacturing agreement, and BASF will market the products under the "Oppanol" trademark.

The Ludwigshafen chemical giant said its other PIB offerings, including medium molecular weight PIB (MM PIB) and highly reactive PIB (HR PIB) will not be affected by the arrangement.

With more than 75 years of experience in producing polyisobutylene with different molecular weights, BASF claims to offer the broadest range worldwide.

Martin Widmann, senior vice president of BASF's global business unit Fuel and Lubricant Solutions, said acquiring the Lanxess technology will result in enhanced security of HM PIB supply as it provides the basis for a long term oriented sustainable growth with high quality products for a broad range of applications.