BASF 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.
CRI/Criterion is a 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.
"This acquisition demonstrates BASF's commitment to expanding its position in the styrene catalysts market and serving customers with high-quality solutions over the long term," says Dr. Michael Baier, vice president of BASF's Chemical Catalysts business. "The combination of BASF and CRI/Criterion expertise will allow us to provide even better technologies to meet customers' evolving business needs."
Closing of the acquisition is expected to occur by year-end 2010, subject to the satisfaction of all requisite regulatory approvals.
For more information, visit: http://www.basf.com.