BASF Completes Sale of Construction Chemicals Division
[Asia Economy Reporter Hwang Yoon-joo] The construction chemicals division of global chemical company BASF has been sold to a subsidiary of the global private equity firm Lone Star. After debt repayment, the sale price amounts to 3.17 billion euros (approximately 4.3 trillion KRW). The sold construction chemicals division, headquartered in Mannheim, Germany, will form the new MBCC Group.
The sale of BASF's construction chemicals business is expected to be reflected in the overall group results for the fourth quarter of 2020. The amount received by September 30 in relation to the contract will be included in the cash flow from investing activities in the cash flow statement for the third quarter of 2020.
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Meanwhile, BASF's construction chemicals division employs about 7,500 people and operates production sites and offices in more than 60 countries. As of 2019, it achieved sales of approximately 2.6 billion euros (about 3.5 trillion KRW).
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