BASF sells PolyAd Services business to Edgewater
BASF has agreed to divest PolyAd Services, part of its plastic additives business unit, to Ohio-based private equity firm Edgewater Capital Partners, officials said on Tuesday.
The closing of the transaction is expected to take place in the second quarter of 2014. The parties agreed not to disclose the financial details of the transaction.
Increasing performance and sustainability requirements for plastics in a variety of industries are driving an increased demand for innovative additive solutions for the underlying resins.," said Ryan Meany, managing partner with Edgewater Capital Partners. "We see positive future growth prospects for PolyAd Services, building on the expertise and professionalism of the PolyAd team."
PolyAd Services is a stand-alone global business that offers innovative specialty blends and services to solve additive incorporation problems for the plastics compounding and converting industry globally. The business serves a wide spectrum of plastic applications in industries, such as automotive, building and construction, packaging and electronics.
With the sale of PolyAd Services, our plastic additives business will focus even more on our core business areas, light stabilizers, antioxidants and customer specific blends (CSBs), strengthening our ability to better serve the global market as the leading manufacturer of additives worldwide, said Diego Lopez, seniro vice president for BASF's performance chemicals business in North America.
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