BASF to Purchase Cognis
Chemicals company BASF SE (Ludwigshafen, Germany) has reached an agreement to purchase ingredient supplier Cognis (Monheim, Germany) for an enterprise value transaction of €3.1 billion. The acquisition is subject to clearance by merger-control authorities and is expected to close by November of this year, BASF announced.
Chemicals company BASF SE (Ludwigshafen, Germany) has reached an agreement to purchase ingredient supplier Cognis (Monheim, Germany) for an enterprise value transaction of €3.1 billion. The acquisition is subject to clearance by merger-control authorities and is expected to close by November of this year, BASF announced.
'With the acquisition of Cognis, we are strengthening our portfolio with cyclically robust and profitable businesses and further expanding our position as the world...s leading chemical company,'ÃÂ said Jurgen Hambrecht, chairman of the board of executive directors for BASF SE.
In 2009, Cognis sales were approximately €2.6 billion. Cognis...s portfolio is based on renewable raw materials for the health and nutrition market, as well as ingredients for cosmetics, detergents, and cleaners. Other industries it serves are mining, lubricants, coatings, and agriculture. The firm employs 5500 people and operates in 30 countries.
BASF aims to benefit from Cognis...s leading position in the personal care ingredients sector.
'We are convinced that there are excellent opportunities through combining the strengths of Cognis and BASF,'ÃÂ said Antonio Trius, Cognis CEO.
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