BASF to acquire Ticona's nylon 6,6 engineering plastics business
BASF and Ticona, the technical polymers business of Celanese AG, have reached an agreement under which BASF will acquire the nylon 6,6 business of Ticona, effective December 31, 2003. Financial details of the transaction are not being disclosed. In 2002, the business to be sold generated sales of around EUR45 million.
BASF will not acquire any manufacturing sites, equipment or related assets as part of the transaction. For a period of time, Ticona will compound Celanese® nylon 6,6 products for BASF from its Bishop, Texas, and Florence, Ky., sites pursuant to a transitional services agreement.
Through the acquisition, BASF will strengthen its position in nylon 6,6, particularly in the important North American market. Through the divestiture, Ticona will focus on its core businesses, where they command a strong leadership role.
"We are dedicated to being the supplier of choice for engineering plastics customers around the world," said Raimar Jahn, President of BASF's Performance Polymers division. "BASF's acquisition of Ticona's nylon 6,6 business will complement and enhance the range of product solutions we can offer."
Earlier this year, BASF acquired Honeywell's engineering plastic business, which enabled the company to enter new markets while expanding its product range.
"The sale of the nylon 6,6 business is a further step in Celanese's overall strategy of focusing on those products which hold a leading global market position," said Lyndon Cole, member of the Celanese AG management board and President of Ticona. "Ticona does not have the critical mass in nylon 6,6 to achieve our strategic objectives over the long term."
Ticona and BASF stated that they are committed to a successful transition of the nylon 6,6 business and will work to support customers, as needed, to ensure no disruption of product supply and services occurs.
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