BASF to acquire resins specialist Johnson Polymer
BASF announced an agreement to acquire resins manufacturer Johnson Polymer, a subsidiary of JohnsonDiversey Inc. of Sturtevant, Wisconsin, a U.S. cleaning and hygiene products manufacturer. The respective agreement signed on May 1, 2006 provides for a sale price of $470 million on a cash and debt-free basis. Both companies have agreed not to disclose additional financial details of the deal. The transaction, which is still subject to approval by the relevant authorities, is expected to close by the end of June 2006. The parties are also seeking the advice of the Johnson Polymer B.V. (Netherlands) works council prior to finalizing the transaction.
Johnson Polymer's operations will be integrated into BASF's Performance Chemicals division. This division produces and markets a broad range of specialty chemicals worldwide. These products include colorants and additives, which, like resins, are used for example in coatings applications.
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