MOSCOW (MRC) -- BASF has signed a contract to divest its subsidiary company Magenta Master Fibers s.r.l. (MMF) located in Magenta, Italy, including MMF’s wholly owned subsidiary in Shanghai, China (Magenta Master Fibers Co., Ltd.), to PolyOne Corporation, a leading global provider of specialized polymer materials, services and solutions based in Cleveland, Ohio, said the producer on its site.
The transaction was closed on 9, December.
MMF is a manufacturer of masterbatch for mass dyeing of synthetic fibers. Located in Italy and China, MMF provides polyester and polyamide masterbatch as well as technical service to the global synthetic fiber industry.
As a leading supplier of color masterbatch in Europe, BASF will concentrate on its business with customized color masterbatch, produced in Cologne, Germany. The MMF masterbatch business for synthetic fibers is not part of BASF’s future focus.
As MRC informed earlier, BASF is strengthening its global production network for pigments with two new investments. At the site in Nanjing, China, the company has increased its production capacities for high-performance diketopyrrolopyrrole pigments (DPP).
PolyOne Corporation, with 2014 revenues of USD3.8 billion, is a premier provider of specialized polymer materials, services and solutions. The company is dedicated to serving customers in diverse industries around the globe, by creating value through collaboration, innovation and an unwavering commitment to excellence. Guided by its Core Values, Sustainability Promise and No Surprises PledgeSM, PolyOne is committed to its customers, employees, communities and shareholders through ethical, sustainable and fiscally responsible principles.
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. BASF had sales of over EUR74 billion in 2014 and over 113,000 employees as of the end of the year.
MRC