BASF selling its inorganic specialties business
Private equity firm Edgewater Capital is acquiring the Evans City, Pa. site as part of the transaction.
Chemical maker BASF Corporation is selling its inorganic specialties business to Cleveland, Ohio-based private equity firm Edgewater Capital Partners LP for an undisclosed amount.
Inorganic specialties includes BASF’s Evans City, Pa. production site and the specialty alcoholates, boranes and alkali metals product lines which are produced at the site.
The transaction is expected to be completed in the first quarter 2017, subject to regulatory approval and other customary closing conditions. About 80 employees will remain at the Evans City site and join Edgewater upon the closing.
The New Jersey-headquartered BASF Corporation, the North American affiliate of German chemicals giant BASF SE, has nearly 17,500 employees in North America, and had sales of US$17 billion in 2015.