Monterrey, Mexico and Ludwigshafen, Germany -- Mexico’s largest petrochemical company Alpek and German chemical firm BASF have divided up the business activity of their Mexico Polioles joint venture, a joint press release said.
BASF will acquire Polioles’ polyurethane business activities, including selected assets in its Lerma. Mexico, facility as well as all marketing and selling rights for PU systems, isocyanates and polyols, according to a joint press release.
BASF performance materials president Raimar Jahn said: “The acquisition of the PU business significantly strengthens BASF Performance Materials’ industry-oriented customer solutions approach across North America and globally."
All agreements require approval by the appropriate authorities and closure of the deal is expected early 2015 although financial terms were not disclosed.
Alpek will acquire the venture’s EPS (expandable polystyrene) activities said the release, however, once the transaction is complete, Polioles will continue as an Alpek-BASF joint venture with a product portfolio comprised of industrial and specialty chemicals.