MOSCOW (MRC) -- BASF India has completed the sale of its global textile chemicals business to Archroma (Reinach, Switzerland), effective today, the company says in their press releases.
The sale was first announced in October 2014. Also from today, BASF India will produce and supply textile chemical products to Archroma India under a long-term supply contract.
Financial details were not disclosed. BASF India announced that the said closing has taken place and consequently, with effect from 01 July 2015, the textile chemicals business of the Company will stand transferred to Archroma India on a "going concern basis".
The Company has received an aggregate sum of Rs. 104.03 crore (Rs. 64.13 crore from Archroma towards the consideration for the sale of the business and a further sum of Rs. 39.90 crore from BASF SE towards discontinuance of the said business in terms of the commercial understanding reached between the parties).
Archroma is a global color and specialty chemicals company, headquartered in Reinach near Basel, Switzerland. It operates with approximately 3,000 employees over 35 countries. Through its three businesses: Textile Specialties, Paper Solutions and Emulsion Products, Archroma delivers specialized performance and color solutions to meet customer needs in their local markets.
BASF is the leading chemical company. It produces a wide range of chemicals, for example solvents, amines, resins, glues, electronic-grade chemicals, industrial gases, basic petrochemicals and inorganic chemicals. The most important customers for this segment are the pharmaceutical, construction, textile and automotive industries.
MRC