BASF has has signed a definitive agreement to sell its hydrophilic melt additives business to Techmer PM, a manufacturer of colors and additives for the plastics and fiber industries located in Clinton, TN. The hydrophilic melt additives are currently marketed under the brand name Irgasurf HL. Both companies have agreed not to disclose financial details of the transaction.
"In the course of the integration of the former Ciba Plastic Additives business we have analyzed our combined offering to the plastics industry and have decided that the Irgasurf HL products do not fit our strategic scope," explained Soeren Hildebrandt, vice president Global Strategic Management and New Business Development in the Performance Chemicals Division.
"We are excited about the acquisition of BASF's hydrophilic melt additives business and are in a unique position to successfully grow this business because it complements our existing product line and strong presence in the markets of fibers and nonwovens," said John R. Manuck, president and CEO of Techmer PM.
The transaction will include intellectual property and technical information but no transfer of the trademark Irgasurf, tangible assets, or personnel and will have no impact on BASF's organizational structure.