A PCI Web Exclusive<br>BASF to Acquire Resins Specialist Johnson Polymer
LUDWIGSHAFEN, Germany - BASF announced an agreement to acquire resins manufacturer Johnson Polymer, a subsidiary of JohnsonDiversey Inc. of Sturtevant, Wis., a U.S. cleaning and hygiene products manufacturer. The respective agreement signed on May 1, 2006, provides for a sale price of $470 million on a cash and debt-free basis. Both companies have agreed not to disclose additional financial details of the deal. The transaction, which is still subject to approval by the relevant authorities, is expected to close by the end of June 2006. The parties are also seeking the advice of the Johnson Polymer B.V. (Netherlands) works council prior to finalizing the transaction.
Johnson Polymer is one of the world's leading producers and suppliers of water-based resins, important raw materials for the production of coatings in the automotive, wood, packaging and printing industries. Johnson Polymer's water-based product range complements BASF's existing portfolio, which concentrates mainly on high-solids and UV resins.