MOSCOW (MRC) -- BASF has signed a contract with Rockwool to sell BASF Wall Systems GmbH & Co. KG, reported the company on its site.
The transaction comprises the German wall systems subsidiary including the Marktredwitz site. Currently, about 200 employees are working for the company who will be transferred to the new owner. The purchase is subject to approval by the relevant authorities and legal closing of the transaction is expected by the end of 2013.
"BASF Wall Systems GmbH is a strong and well managed business which will fit well into the ROCKWOOL business. The acquisition enables us to put further weight behind our facade strategy and to get a significant foothold in the important German market for exterior insulation and finishing systems," said Henrik Frank Nielsen, Managing Director of the Rockwool Group’s Europe division.
"Our Wall Systems business in Germany posted significant growth over the last few years. Nevertheless, there are only limited synergies with other BASF fields of activity," said Dr. Tilman Krauch, President of BASF’s Construction Chemicals division.
The insulating materials Neopor, Styropor, Styrodur as well as insulating materials made of polyurethane are not affected by the planned divestiture. They remain integral parts of the BASF portfolio that contribute to the construction of energy-efficient buildings.
We remind that, as MRC wrote previously, BASF is planning to sell its Conica Sports Surfaces business area. The intention is to divest the site at Schaffhausen (Switzerland) along with the business in order to create the conditions for the retention of jobs. Furthermore, production and production-related services will be transferred to another BASF site. The Conica Sports Surfaces business area includes the development, production and marketing of surface systems for running tracks, gymnasia, tennis courts and playgrounds as well as solutions for artificial turf and molding binders.
BASF Wall Systems GmbH & Co. KG is a successful, medium-sized supplier of insulation and finishing systems in the German market. The company’s main field of business is systems for the exterior and interior thermal insulation of buildings that are sold under the Heck brand. In addition, the company offers renovation and restoration systems for historical buildings under the Rajasil brand. In 2012 the company generated sales in the mid double-digit million euro range.
The Rockwool Group is the world’s leading supplier of innovative products and systems based on stone wool, especially for the insulation of residential and non-residential buildings. The Group’s head office is located in Hedehusene close to Copenhagen, Denmark. In 2012 the Group generated sales EUR1.97 billion and employed close to 10,000 employees. The company is listed on the NASDAQ OMX Nordic Exchange Copenhagen.
BASF is the largest diversified chemical company in the world and is headquartered in Ludwigshafen, Germany. BASF produces a wide range of chemicals, for example solvents, amines, resins, glues, electronic-grade chemicals, industrial gases, basic petrochemicals and inorganic chemicals. The most important customers for this segment are the pharmaceutical, construction, textile and automotive industries.