BASF shelves plans of JV with Astra Polymer in Saudi Arabia

11-Aug-10

BASF SE and Astra Polymer Compounding Co., Ltd. based in Saudi Arabia, have agreed to cancel plans for a joint venture for production of customer-specific antioxidant mixtures (CSB) in the Middle East. The plans for JV were based on an agreement between Astra Polymer and Plastic Additives Business Unit of the former Ciba AG, which BASF acquired in 2009. Termination of the JV will have no impact on the existing tolling agreement between the companies to produce customer specific antioxidant blends for the region. “We are convinced of the strategic importance of the Middle East Region and the need for a local production unit for customer specific blends,” says John Frijns, Senior Vice President Plastic Additives Europe/EAWA at BASF. “A thorough evaluation following the integration of the legacy Ciba Plastic Additives business into BASF has furnished new options that will deliver more value to both, our customers and BASF”.