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  BASF acquires Polyamide business from Solvay News | Bit Updates
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BASF acquires Polyamide business from Solvay News

Tuesday, September 19th, 2017 | bitcoin updates

The Germans agreed to purchase the corresponding division of the Belgian competitor Solvay, as the DAX Group reported. The purchase price, excluding cash and debt, is expected to be 1.6 billion euros. The Belgians still have to talk with their social partners about the transaction. According to this, both companies want to conclude a binding purchase contract. The acquisition is to be completed in the third quarter of 2018. BASF intends to expand its portfolio of engineering plastics by acquiring the company's position as a provider of solutions for the transport, construction and consumer goods industries as well as for other industrial applications. The transaction would enable BASF to expand BASF's access to key growth markets in Asia and South America. The turnover of the business to be acquired by Solvay amounted to 1.3 billion euros in 2016, the EBITDA amounted to about 200 million euros. The company has approximately 2,400 employees worldwide, including some 1,300 in France. In addition, two production sites as well as four research and development sites and ten technical consulting centers were part of the planned acquisition. BASF plans to integrate the business into the two Performance Materials and Monomers divisions. FRANKFURT (Dow Jones) Picture sources: BASF, BASF SE

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