GEO Specialty Chemicals to Acquire UK Based Bisomer Monomer Business from BASF
GEO Specialty Chemicals, Inc. has entered into an agreement with BASF to acquire the Bisomer monomer business (hydroxy methacrylates, multifunctional methacrylates (MFM) and specialty adducts) and conventional contact lens business of Cognis UK. The transaction includes a manufacturing facility in Hythe, England that produces hydroxy methacrylates, multifunctional methacrylates (MFM) and specialty adducts, polyalkylene glycols (PAG) and PAG-based lubricants. As a part of the transaction, approximately 140 employees are expected to transfer to the new owner, GEO Specialty Chemicals UK Limited.
BASF and GEO have agreed not to announce the terms of the transaction. The divestiture is subject to approval by the EU Commission. Closing of the transaction is expected in the third quarter of 2011.
“This acquisition represents an important strategic addition to GEO's Paints & Coatings business group and it significantly expands our global manufacturing and R&D capabilities,” said Kenneth A. Ghazey, Chief Executive Officer of GEO.
BASF committed to the European Commission to divest the Hydroxy Monomer business assets following its December 2010 acquisition of Cognis. In connection with the transaction, BASF has agreed to purchase from GEO PAG and PAG-based lubricants manufactured at the Hythe site under a long term supply agreement.
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