BASF acquires stake in PBT joint venture in Europe

PBT joint venture- BASF GE Schwarzheide GmbH & Co. KG. The shares will be transferred on December 31, 2007, subject to approval by the relevant authorities. The transfer of the shares will not have any effects for the employees since those working in the joint venture are already personnel of BASF Schwarzheide GmbH, the joint venture's general partner. BASF GE Schwarzheide GmbH & Co. KG had been a joint venture between BASF Aktiengesellschaft and GE Plastics (GEP). With the recent takeover of GE Plastics by the Saudi Arabian petrochemical company SABIC (Saudi Basic Industries Corporation), GE Plastics' shares in the joint venture were transferred to SABIC. BASF estimates strong growth of the European market for engineering plastics in the coming years. The production capacity of the joint venture is 100,000 tpa. The purchase of SABIC Innovative Plastics' shares in BASF GE Schwarzheide marks BASF's fifth acquisition in the sector of engineering plastics within the last five years. In 2003 BASF bought Honeywell's worldwide engineering plastics business and Ticona's polyamide 66 business. In 2005, BASF acquires Leuna-Miramid GmbH and the engineering plastics business of LATI USA Inc. Moreover, BASF has started up operations in the growth market of Asia within the last 18 months, including a new production joint venture for PBT together with Toray in Malaysia and a new compounding plant in Pudong near Shanghai, China.
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