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, Texas. Financial details of the transaction are not being disclosed. Closing of the acquisition is expected to occur by year-end 2010.
CRI/Criterion is a leading global manufacturer of chemical catalysts used in the dehydrogenation of ethylbenzene 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 and is supposed to open the door to attractive growth opportunities in emerging regions such as the Middle East and China, where CRI/Criterion already has a strong position.
- BASF SE, Luswigshafen, Germany