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.
Adapted from press release by Rosalie Starling
Read the article online at: https://www.hydrocarbonengineering.com/petrochemicals/25042016/basf-sells-polyolefin-catalysts-business-to-wr-grace-3113/