BASF has entered into a definitive agreement to divest the surfactants manufacturing site in Clear Lake, Texas, USA, in an asset sale to Clear Lake Chemicals LLC (CLC) of Pasadena, Texas, USA.
The divestiture includes the sale of the site and manufacturing equipment. It does not include the products manufactured at the site. As part of the agreement, BASF will transfer approximately 15 employees to CLC. Financial details were not disclosed.
BASF has reached a concurrent toll-manufacturing agreement with CLC for production of specialty surfactants at the site. This will enable BASF to continue to supply its customers with products from the same manufacturing location after divestiture.
“BASF remains committed to the specialty surfactants business on a global scale. We will continue to supply our portfolio of specialty surfactants for automotive and architectural coatings, personal care products and construction that address a broad range of applications,” said Simon Medley, group vice president of care chemicals and formulators for BASF in North America.
CLC reportedly will make a significant investment at the site to expand its current and future business.
Completion of the divestiture is subject to certain conditions and approvals and is expected to be completed by Dec. 31, 2009.
