BASF sells construction chemicals business for 3.17 billion euros

BASF signed an agreement with lonestar, a global private equity firm, to acquire BASF's construction chemicals business for 3.17 billion euros in cash and debtThe deal is expected to close in the third quarter of 2020, subject to approval by the relevant regulatory authoritiesConstruction Chemicals is part of the surface treatment technology section of one of BASF's six major business unitsIn the first three quarters of this year, revenues for the business reached 1.9 billion euros, up 4 percent from the same period last yearIn 2018, the business generated 2.5 billion euros, or 4 percent of BASF's total revenueThe business currently employs about 7,000 people and has a product line of concrete additives, cement additives, sealants, and more"
our goal is to find a new home for the construction chemicals business that can reach its full potential," BASF Executive Board Member said"Under Lone Star, the Building Chemicals team can focus on a growth path in an industry-specific way"
BASF's construction chemicals business is very much in line with our portfolio, complementing our investment in the building materials industry," said Lone Star's European President