World’s largest chemical producer BASF India’s segment revealed that its parent company is all set to acquire Germany’s specialty chemical firm Chemetall for 3.2 billion USD. The statement was reported here on Wednesday in New Delhi.
The respective Germany based company Chemetall specializes in making chemicals used in a treatment of metals and plastics belonging to the surface. These are utilized in automotive, aerospace, coil and metal forming. It has its headquarters located in Frankfurt, Germany. The manufacturing unit boasts of having a turnover of approximately $24 million hence possessing 150 employees working day in and day out in its respective headquarter section and more than 2,500 employees around the globe. The company has 40 subsidiaries and enclosed customers with 21 production sites.
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BASF Group is one of the leading chemical producers have its headquarters located in Ludwigshafen, Germany, too. The companycomprises of subsidiaries and joint ventures in more than 80 countries and operates six integrated production sites and 390 other production sites in Europe, Asia, Australia, Americas and Africa.It has customers in over 200 countries and supplies products to a wide variety of industries. Currently, it possesses almost 112,000 employees majorly of which 52,800 employees in Germany alone. BASF net sales settled at 70.4 billion Euros. The subsidiary segment in Asia which BASF India has recorded an investment of 6.7 billion Euros. In India, it’s Head Office is located in Mangalore, Karnataka.
Recently in BSE filing, BASF India gave a statement, “The company has received information from its parent company BASF SE, Germany that globally BASF has signed an agreement to acquire Albemarle’s global surface-treatment business of Chemetall for a purchase price of $3.2 billion.” In the financial market, Stock Exchange of BASF stood at 2.55%.
The sole motto of the acquisition is to make the products a better quality. Also, complementing the current portfolio which will henceforth add higher surface treatment to its coating offerings in business. The stock market increased by 4.80% to become a hit as high settling at Rs. 1,060 in BSE.