 "Stahl to acquire BASF's leather chemicals business")
Stahl has signed an agreement to acquire BASF’s leather chemicals business, which is part of BASF Performance Chemicals Division. BASF will receive 16 percent of the equity of Stahl, a manufacturer of process chemicals for leather and performance coatings.
The transaction is subject to approval by the relevant authorities and the closing is expected to take place in the fourth quarter of 2017.
Furthermore, BASF will supply significant volumes of leather chemicals to Stahl under mid to long-term supply agreements. The transaction comprises BASF’s global leather chemicals business, as well as the leather chemicals production site in L’Hospitalet, Spain. Around 210 positions globally are in the scope of the transaction, of which about 110 are in Asia.
“This partnership is the right step for BASF’s successful leather chemicals business. With complementary strengths, BASF and Stahl are creating a leading company in leather chemicals with a strong focus on innovation,” said Michael Heinz, member of the board of executive directors of BASF SE.
Huub van Beijeren, CEO of Stahl, explained, “These are exciting and challenging times for the chemical industry in terms of sustainability and innovation. We believe we can only make a real difference if we can work on a large scale within the industry. The signing of this agreement enables us to accelerate the process of creating a more transparent sustainable supply chain as we share the same vision on reducing the environmental footprint linked to our activities”.
The Stahl Group is a leading company in process chemicals for leather products and performance coatings, in the future held by Wendel Group, Clariant and BASF. BASF’s leather chemicals business is present along the entire industry value chain, offering innovative and sustainable solutions for all wet-end to finishing processes in the leather industry. Headquartered in Singapore, the business operates sales, production plants and research and development globally.
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