BASF reaches agreement to divest its production site in Quincy, Florida to Clariant

BASF SE, Germany (Ultimate Holding Company of BASF India Ltd) has reached an agreement to divest its manufacturing site in Quincy, Florida and the associated attapulgite business for a purchase price of USD 60 million to Clariant. The transaction is expected to close in 2022, subject to the approval of the relevant Competition Commission / Anti-trust Authorities.

As part of the divestiture, BASF would also enter into a long-term supply agreement for attapulgite business with Clariant, that will allow BASF to continue to support and grow with its customers in the paints, coatings, and construction markets.

The attapulgite business, forms part of the Dispersions & Resins Division of Industrial Solutions Segment of BASF India Limited, and has generated net sales of approx. Rs. 7.09 crore during the financial year ended 31st March 2021.

Shares of BASF India Limited was last trading in BSE at Rs. 2878.85 as compared to the previous close of Rs. 2786.75. The total number of shares traded during the day was 2579 in over 670 trades.

The stock hit an intraday high of Rs. 2895.65 and intraday low of 2779.50. The net turnover during the day was Rs. 7358599.00.

Source : Equity Bulls

Keywords

BASFSE BASFIndia INE373A01013 Quincy Florida Clariant