Germany-based materials supplier BASF SE has completed the sale of its PolyAd Services plastic additives business to Edgewater Capital Partners LP, a private equity firm headquartered in Cleveland, Ohio.
The transaction was initiated in March 2014. The financial details have not been disclosed.
PolyAd Services is a standalone global business that offers specialty blends and services to solve additive incorporation problems for the plastics compounding and converting industry globally.
PolyAd Services has grown over the last few years, BASF said in a statement, but the company’s services business model remained a “niche business” that offered a “limited channel to market” for its product portfolio.
“The sale of PolyAd Services strengthens our ability to better serve the global market as the leader of plastic additives worldwide,” Diego Lopez Casanello, senior vice president of BASF’s Performance Chemicals North America division. “With the sale of PolyAd Services, our plastic additives business will focus even more on our core business areas, light stabilizers, antioxidants and customer-specific blends, strengthening our ability to better serve the global market as the leading manufacturer of additives worldwide.”