31 January 2019
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DETAILS
Following the approval of all relevant authorities,
have completed the transfer of
BASF’s paper wet-end and water chemicals business
to Solenis as announced in May 2018.
Effective February 1, 2019, the combined business
will operate under the Solenis name
and offer increased sales,
service and production capabilities across the globe.
With pro forma sales of around €2.4 billion in 2017
and approximately 5,200 employees,
the combined company is positioned to provide
an expanded product portfolio and cost-effective solutions
for paper and water treatment customers.
BASF will hold a 49% share,
51% of the shares will be held by funds managed by
Clayton, Dubilier & Rice and the Solenis management.
The transaction includes
production sites and plants
of BASF’s paper wet-end and water chemicals business in
Bradford and Grimsby, UK;
Suffolk, Virginia, USA;
Altamira, Mexico;
Ankleshwar, India, and
Kwinana, Australia.
From closing, BASF will account for its share in Solenis
using the equity method and include
its share of the company’s net income in EBIT
before special items and EBIT
for the BASF Group (reported under “Other”).
BASF’s paper and water chemicals production plants
strongly embedded in the Verbund
in Ludwigshafen, Germany, and Nanjing, China,
are not transferred, and
will deliver products and raw materials
to the combined entity
under mid- to long-term supply agreements.
BASF’s paper coating chemicals portfolio
is not part of the transaction.
John Panichella,
President and CEO, Solenis
“Combining our strong heritages creates
the leading customer-focused, global solutions provider
for the paper and water industries.
Customers from these industries will benefit
from our joint strengths, resulting in
an unparalleled and complementary range
of products and services,
state-of-the-art innovations and know-how,”
Anup Kothari,
President of BASF’s Performance Chemicals division
“Joining forces with Solenis is the right step
for BASF’s paper and water chemicals business
to maintain sustainable growth
and will enable us to share in the future success
of this promising joint entity.
Together, we will provide
the broadest scope of products and services
to meet the needs
of the global paper and water industry,”
Contact BASF
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