BASF to acquire CRI/Criterion’s global styrene catalysts business
BASF announced today that it has signed a purchase agreement to acquire the styrene catalysts business of CRI/Criterion, a wholly owned subsidiary of Shell based in Houston, Texas. Financial details of the transaction are not being disclosed.
- (1888PressRelease) December 01, 2010 - CRI/Criterion is a leading global manufacturer of chemical catalysts used in the dehydrogenation of ethylbenzene to styrene, which is a vital ingredient in the manufacture of plastics, rubber and resins. The acquisition provides a strong complement to BASF’s existing styrene catalysts business.
“As a leading provider in the styrene catalysts market, the CRI/Criterion assets offer a very attractive fit with BASF’s existing solutions portfolio,” said Dr. Hans-Peter Neumann, Senior Vice President of BASF’s Process Catalysts and Technologies business. “The acquisition will improve BASF’s position in this important market segment while opening the door to attractive growth opportunities in emerging regions such as the Middle East and China, where CRI/Criterion already has a strong position.”
Upon deal closing, BASF will work closely with CRI/Criterion’s business, manufacturing and R&D teams to ensure a seamless customer and technology transition. BASF’s updated styrene catalyst portfolio will then be established over time based on an evaluation and comparative benchmarking of the performance characteristics of both BASF and CRI/Criterion solutions.
“This acquisition demonstrates BASF’s commitment to expanding its position in the styrene catalysts market and serving customers with high-quality solutions over the long term,” said Dr. Michael Baier, Vice President of BASF’s Chemical Catalysts business. “The combination of BASF and CRI/Criterion expertise will allow us to provide even better technologies to meet customers’ evolving business needs.”
Closing of the acquisition is expected to occur by year-end 2010, subject to the satisfaction of all requisite regulatory approvals.
About BASF’s Catalysts division
BASF’s Catalysts division is the world’s leading supplier of environmental and process catalysts. The group offers exceptional expertise in the development of technologies that protect the air we breathe, produce the fuels that power our world and ensure efficient production of a wide variety of chemicals, plastics and other products. By leveraging our industry-leading R&D platforms, passion for innovation and deep knowledge of precious and base metals, BASF’s Catalysts division develops unique, proprietary catalyst and adsorbent solutions that drive customer success.
About BASF
BASF is the world’s leading chemical company: The Chemical Company. Its portfolio ranges from chemicals, plastics and performance products to agricultural products, fine chemicals and oil and gas. As a reliable partner BASF creates chemistry to help its customers in virtually all industries to be more successful. With its high-value products and intelligent solutions, BASF plays an important role in finding answers to global challenges such as climate protection, energy efficiency, nutrition and mobility. BASF posted sales of more than €50 billion in 2009 and had approximately 105,000 employees as of the end of the year. Further information on BASF is available on the Internet at www.basf.com.
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