Germany-based materials supplier BASF SE has sold its PolyAd Services plastic additives business to Edgewater Capital Partners LP, a private equity firm headquartered in Cleveland, Ohio.
The closing of the transaction is expected to take place in the second quarter of 2014.
The financial details of the transaction 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 remains a “niche business” that offers a “limited channel to market” for its product portfolio.
“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,” said Diego Lopez, BASF’s senior vice president, performance chemicals North America.