- Styrolution joint venture operating independently on the market since October 1
- BASF signs contract with EuroChem to sell its fertilizer activities in Antwerp, Belgium
- BASF building production complex for acrylic acid and superabsorbents in Brazil
- First plants of BASF-YPC expansion in Nanjing, China come on-stream
- Acquisition of inge watertechnologies AG and inge GmbH completed
BASF and INEOS have received approval from all relevant antitrust authorities for the formation of the joint venture Styrolution. Since October 1, 2011, Styrolution has been operating independently on the market. BASF and INEOS have combined their global business activities in styrene monomers, polystyrene, acrylonitrile butadiene styrene, styrene-butadiene block copolymers and other styrene-based copolymers as well as copolymer blends into the new joint venture. With production sites in Europe, North America and Asia, Styrolution is the global leader in the styrenic plastics industry. BASF received around €600 million at the beginning of October as compensation for its contributed businesses.
BASF has signed a contract with EuroChem, Russia’s largest producer of mineral fertilizers, to sell its fertilizer activities in Antwerp, Belgium. BASF also plans to sell its 50% share of the joint venture PEC-Rhin in Ottmarsheim, France, to EuroChem. The total transaction value is expected to be around €700 million. The divestments are subject to approval by the appropriate antitrust authorities. The sale process is expected to be completed by the end of the first quarter 2012.
BASF will build the first production complex in South America for acrylic acid and superabsorbent polymers in the Brazilian state of Bahia. The investment volume for the construction of this world-scale production site for acrylic acid, butyl acrylate and superabsorbents amounts to more than €500 million. Operations are scheduled to begin in 2014. In addition, BASF will build the first production plant in South America for 2-ethyl-hexyl acrylate, a raw material for the adhesives and coatings industries, in its existing chemical complex in Guaratinguetá, Brazil. With these investments, we aim to continue our profitable growth in South America.
In Nanjing, China, the first production facilities in the expansion of BASF-YPC Company Limited have begun operations. Along with the successful completion of the steam cracker expansion, the newly constructed butadiene extraction plant and the non-ionic surfactants plant are now operational. The bulk of the remaining plants are expected to come on-stream around the end of 2011. BASF and Sinopec are investing around $1.4 billion in the expansion of the Verbund site in Nanjing, which was begun in September 2009.
In the middle of August, relevant antitrust authorities gave their approval for BASF’s acquisition of inge watertechnologies AG and inge GmbH; the transaction was thus successfully completed. inge watertechnologies is a leading provider of solutions in ultrafiltration technology, a process for the treatment of drinking water, process water, wastewater and seawater using special membranes. With the acquisition of inge watertechnologies, BASF continues to strengthen its position in the quickly growing water treatment market.