BASF completes sale of US, Canadian polystyrene business

Florham Park, New Jersey-BASF has completed the sale of its polystyrene business in the United States and Canada to INEOS Americas, llc, the North American subsidiary of INEOS, an international chemical company headquartered in Lyndhurst, United Kingdom.The transaction, which was approved by the U. Federal Trade Commission(FTC), involved the transfer of a production facility in Joliet, Illinois, and about 140 employees, including the Joliet workforce, and management, sales and marketing people from various locations, to INEOS.Financial details were not disclosed. Morgan Stanley acted as financialadvisor to BASF in this transaction."