BASF signs deal to buy out Cognis
Source: Agencies |
June 24, 2010, Thursday
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Print Edition
Print Edition
CHEMICAL company BASF SE said yesterday it has agreed to acquire Cognis, a supplier of raw materials for cosmetics, detergents and cleaners, for 700 million euros (US$858 million) in cash.
Including net financial debt and pension obligations, the enterprise value of the transaction is 3.1 billion euros, the company said. The closing of the transaction is expected for November 2010.
"With the acquisition of Cognis ... we are further expanding our position as the world's leading chemical company," said Juergen Hambrecht, the chairman of BASF's board.
Cognis employs about 5,500 people and operates in 30 countries. Besides chemicals, it also makes coatings and inks, lubricants, and products for mining.
Including net financial debt and pension obligations, the enterprise value of the transaction is 3.1 billion euros, the company said. The closing of the transaction is expected for November 2010.
"With the acquisition of Cognis ... we are further expanding our position as the world's leading chemical company," said Juergen Hambrecht, the chairman of BASF's board.
Cognis employs about 5,500 people and operates in 30 countries. Besides chemicals, it also makes coatings and inks, lubricants, and products for mining.
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