BASF and Ciech announced the acquisition of parts of Ciech's global TDI (toluene diisocyanate) business by BASF. The acquisition is subject to approval by the appropriate antitrust authorities. Closing of the transaction is expected in the first quarter of 2013. Financial terms of the agreement were not disclosed.
The agreement involves parts of Ciech's worldwide TDI business. Production facility of Ciech's subsidiary Zachem, Poland, is not part of the transaction. Ciech and BASF will cooperate closely to facilitate an effective transition of supply agreements and support services for Ciech's TDI customers.
"This acquisition underlines our strong commitment to the TDI markets in Europe, the Middle East, Africa and worldwide", said Raimar Jahn, president of BASF's polyurethanes division. "We are looking forward to establishing a successful partnership with Ciech's customers." BASF's strong commitment to the TDI business is also illustrated by the construction of the world's largest single-train TDI plant in Ludwigshafen.