BASF to Acquire Global Styrene Catalysts Business
March 7, 2011
BASF announced that it has signed a purchase agreement to acquire the styrene catalysts business of CRI/Criterion, a wholly owned subsidiary of Shell based in Houston, Tex., reports IEWY News. Financial details of the transaction are not being disclosed. CRI/Criterion is a leading global manufacturer of chemical catalysts used in the dehydrogenation of ethyl benzene to styrene, which is a vital ingredient in the manufacture of plastics, rubber and resins. The acquisition provides a strong complement to BASF’s existing styrene catalysts business. Upon deal closing, BASF will work closely with CRI/Criterion’s business, manufacturing and R&D teams to ensure a seamless customer and technology transition. BASF’s updated styrene catalyst portfolio will then be established over time based on an evaluation and comparative benchmarking of the performance characteristics of both BASF and CRI/Criterion solutions. Closing of the acquisition is expected to occur by year-end 2010, subject to the satisfaction of all requisite regulatory approvals.