BASF to Divest Inorganic Specialties
BASF has announced it is selling its Inorganic Specialties business to Cleveland, Ohio, USA-based private equity investor Edgewater Capital Partners. The business includes a production site at Evans City, Pennsylvania, and the German group’s specialty alcoholates, boranes and alkali metals product lines manufacturing at the site. Some 80 employees will transfer to the new owner.
Financial terms of the transaction due to be completed in the first quarter of next year, subject to regulatory approval and other customary closing conditions, are not being divulged nor BASF’s reasons for the divestment. Heidi Alderman, senior vice president of BASF’s North American intermediates business, said the chemical giant “will continue to meet all of its obligations to customers, suppliers and employees through the transition.”
Robert Girton, principal at Edgewater Capital said, the private equity company is eager to build on the BASF platform and profit from the “significant expertise” of the Inorganic Specialties team. Girton said the BASF business’ broad portfolio of products critical to chemical synthesis, depth and tradition in research and development, along with its strong commitment to environmental, health and safety systems and the unique capabilities of the site make it the global leader in reagent technology.
