BASF has said it will sell PolyAd Services, part of its Plastics Additives business unit, to private equity investor Edgewater Capital Partners of Cleveland, Ohio, U.S. The deal, for which no financial details are being announced, is expected to close in the second quarter of this year.

The standalone global business is a niche player that offers only limited marketing scope for its product portfolio, BASF said.

PolyAd specializes in specialty blends designed to solve additive incorporation problems for the plastics compounding and processing sectors, including automotive, building, packaging and electronics applications.

Following divestment, the German group said it will "focus even more on our core business areas of light stabilizers, antioxidants and Customer Specific Blends (CSBs)."

Edgewater said it sees "positive future growth prospects" for PolyAd Services.