BASF has entered into a definitive agreement to fully acquire the business and assets in Taiwan and Mainland China of Taiwan Sheen Soon (“TWSS”), a leading manufacturer for thermoplastic polyurethanes (“TPU”) adhesives base material.
“The acquisition is part of our efforts to systematically pursue growth in the attractive TPU market. It is a valuable addition to our existing TPU portfolio; strengthening our manufacturing footprint in Asia,” said Mr Raimar Jahn, President, Performance Materials, BASF. “As TWSS has been at the forefront of TPU adhesives innovation, the acquisition is a strategic move that will strengthen BASF’s competences in this important growth field.”
The acquisition is expected to close in 2015, pending necessary internal and external approvals. The integration will take effect in 2015. The parties have agreed not to disclose financial details of the agreement.
“TWSS’s cutting edge and proven technologies enable us to offer innovative solutions in a more integrated and efficient manner. Accordingly, the acquisition will greatly benefit our customers in short innovation cycle segments such as shoes,” said Albert Heuser, President, Greater China and Functions Asia Pacific, BASF.
With this acquisition, BASF will secure and integrate all existing assets, customers and employees into the existing BASF legal entities and business. The company will also ensure a smooth transition and uninterrupted supply for customers.