BASF bowing out of fibers market
By Furniture Today Staff -- Furniture Today, January 26, 2003
Ludwigshafen, Germany — Mammoth German chemical company BASF, a big worldwide supplier of nylon, is exiting the fibers market.
Honeywell International, based in Morris Township, N.J., will acquire BASF's nylon fibers business, which includes the solution-dyed Zeftron 200 nylon used for upholstery fabrics, as well as fibers for carpets, apparel and automotive applications. BASF's nylon fibers business had sales of about $350 million in 2001.
The transaction includes factories, research facilities and sales offices in North America as well as BASF Hua Yuan Nylon Co. in Shanghai, China. The businesses employ about 1,600 people.
BASF will continue as a supplier of nylon, however, since it will retain its nylon and intermediates plants.
In a separate transaction, BASF has agreed to acquire Honeywell's worldwide engineering plastics business, which had sales of about $350 million in 2001.
BASF will pay Honeywell $170 million in cash. Honeywell will pay BASF $80 million within one year of the transaction's close. The two deals are expected to close in the first half of '03, subject to regulatory approval.
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