BASF to Sell Mining Flocculants Business to Solenis
BASF to sell its mining flocculants business to Solenis for an undisclosed amount, which generated net sales of Rs. 27.7 crores, accounting for 0.20% of BASF India’s total sales, and sale is expected to complete in Q2 2024.
by Damodharan N
Updated Jul 18, 2024
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BASF SE, the parent company of BASF India Ltd, announced on July 17, 2024, that it has agreed to sell its flocculants business for mining applications to Solenis, a specialty chemicals producer based in Wilmington, Delaware.
This sale is part of BASF’s strategy to optimize its global portfolio and focus on its core strategic areas. The transaction is expected to be completed in the second half of 2024, pending approval from relevant competition authorities.
In India, the mining flocculants business is part of BASF India Limited's Performance Chemicals Division within the Industrial Solutions Segment. For the financial year ending March 31, 2024, this business generated net sales of approximately Rs. 27.7 crore, accounting for 0.20% of BASF India’s total sales.
The transaction is between two unrelated parties and is not considered a related-party transaction. Additionally, Regulation 37A of the SEBI Listing Regulations does not apply to this sale, as it is not a sale of an Undertaking or substantially the whole of an Undertaking. The company release stated.
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BASF India
BASF India, a part of the global BASF Group, has been contributing to India's progress for over 130 years. The company integrates economic success With a portfolio that includes Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care, and Agricultural Solutions.
BASF India generated sales of approximately €2.7 billion. The BASF Group, with around 112,000 employees worldwide, achieved global sales of €87.3 billion in 2022, serving customers in nearly all sectors and countries.
Solenis
Solenis is a leading global specialty chemical supplier and water treatment company with over 16,100 employees and 69 manufacturing facilities across 130 countries. For more than 100 years, Solenis has been solving water treatment, process improvement, and hygiene challenges for a variety of industries, including consumer, industrial, institutional, food and beverage, and pool and spa markets.
By combining advanced technologies, expert support, and a commitment to sustainability, Solenis helps customers improve operational efficiency, reduce environmental impact, and maintain water quality and hygiene.
The company has evolved through various names, such as Drew, Betz Laboratories, Hercules, Stockhausen, and Ashland Water Technologies, but its mission to solve tough challenges remains unchanged.
BASF to Sell Mining Flocculants Business to Solenis - FAQs
1. What did BASF announce on July 17, 2024?
BASF announced it agreed to sell its mining flocculants business to Solenis.
2. Why is BASF selling its mining flocculants business?
The sale is part of BASF’s strategy to optimize its global portfolio and focus on core strategic areas.
3. Who is purchasing BASF’s mining flocculants business?
Solenis, a specialty chemicals producer based in Wilmington, Delaware.
4. When is the sale expected to be completed?
The transaction is expected to be completed in the second half of 2024, pending approval from relevant competition authorities.
5. How much did the mining flocculants business generate in net sales for BASF India in FY 2023-24?
The business generated net sales of approximately Rs. 27.7 crore.
6. What percentage of BASF India’s total sales does the mining flocculants business represent?
It accounts for 0.20% of BASF India’s total sales.
7. Is the sale of the mining flocculants business considered a Related Party Transaction?
No, the transaction is between two unrelated parties and is not considered a Related Party Transaction.
8. Does Regulation 37A of the SEBI Listing Regulations apply to this sale?
No, Regulation 37A does not apply as this is not a sale of an Undertaking or substantially the whole of an Undertaking.
9. What is Solenis known for?
Solenis is a global specialty chemical supplier and water treatment company solving challenges in water treatment, process improvement, and hygiene for various industries.
10. How does BASF India contribute to the Indian market? .
BASF India has been contributing to India's progress for over 130 years with a diverse portfolio including chemicals, materials, industrial solutions, surface technologies, nutrition & care, and agricultural solutions
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