BASF Purchases UAE Polyurethane Business To Promote Localization Process

United Arab Emirates Abu Dhabi, Dubai / Germany joint news, BASF (BASF) is strengthening its polyurethane (PU) business customer service activities in the Gulf countries through action.

A few days ago, from BASF news, BASF subsidiary Elastogran and Kanoo group have reached a cooperation agreement, the two sides will jointly invest in the establishment of a new company, of which Kanoo contributed 51%, BASF Elastogran contributed 49%, and the new company will have Elastogran to manage.

It is reported that the first task of the new company is to acquire MultiChemicalEst.'s Polyurethane business unit from the AlHamid group in Dubai, which will end before May 2008.

At the same time, Basf Inc did not disclose the purchase price and other trading information.

It is reported that MultiChemicalEst. is one of the subsidiaries of AlHamid group, about 20 employees, and the sales volume of polyurethane in 2007 is US $20 million.

Founded in 1995, it is a leading supplier of building materials.

"The acquisition of polyurethane business from MultiChemicalEst. will lay a solid foundation for the future application of BASF PU products in the Gulf region."

"We will be able to further strengthen ties with local customers and expand the visibility and market share of BASF products in the local market," said Dr. UweHartwig, vice president of the European division of BASF polyurethane business.

This is a good opportunity for us to develop, especially in the current stage of strong demand for building materials in the Gulf construction market.

And BASF will also build a new polyurethane production base and technology application center, which will be BASF's thirtieth such bases in the world.

Basf Inc has helped almost all BASF products enter the local market by investing in petrochemical, natural gas purification, oil field, water treatment, packaging, building decoration and other fields in Saudi Arabia and UAE.