MOSCOW (MRC) -- BASF has signed an agreement to divest PolyAd Services, part of its Plastic Additives business unit, to Edgewater Capital Partners, L.P., a private equity firm based in Cleveland, Ohio, as per the company's press release.
The closing of the transaction is expected to take place in the second quarter of 2014. The parties have agreed not to disclose the financial details of the transaction.
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.
PolyAd Services has grown over the last few years, however for BASF’s Plastic Additives business, the company’s services business model is a niche business that offers a limited channel to market for its product portfolio.
As MRC informed previously, in late February 2014, BASF signed a contract to divest its liquid masterbatch business in Clermont de l’Oise, France, to Audia International, a large global supplier of polyolefins and color masterbatches. The transaction is expected to close in mid 2014.
BASF is also a leading manufacturer, supplier and innovation partner of additives for the plastics industry such as ultraviolet (UV) light stabilizers, antioxidants and process stabilizers, and other additives.
MRC