LUDWIGSHAFEN, GERMANY — German chemical giant BASF AG plans to pull out of the acrylics business by selling subsidiaries in Spain and Germany with combined sales totaling 130 million deutsche marks ($221 million).
BASF is seeking buyers for Resart GmbH of Mainz, Germany, a producer of acrylic resin and sheet and polycarbonate sheet, and Critesa SA of Moncada i Reixac, near Barcelona, Spain, which makes cast acrylic sheet. Both are in BASF's engineering plastics unit and the move is part of the firm's plan to concentrate on the unit's core operations of polystyrene, styrene copolymers and engineering plastics.
Before the sale, Resart, which has plants at Raunheim and Mainz, is being reorganized. The Rauheim unit will be closed in mid-1997. When the 2-year-old restructuring program is complete, the Mainz plant will have annual acrylic polymerization capacity of 44.1 million pounds, and 26.5 million pounds of sheet extrusion capacity.
Ludwigshafen-based BASF said it saw no opportunity to expand its acrylics business into a global core unit. It is conducting the search for buyers with assistance of international investment bank Wasserstein Perella.
``We are trying to sell the whole business, but if that does not work we could imagine working together with another company to run it in joint venture,'' said BASF spokesman Walter Geschwill.
Resart employs 260, the Spanish unit 80. BASF claims Critesa can make more than 13.2 million pounds per year of cast sheet.