BASF completes Engelhard integration
Following its acquisition of Engelhard Corporation on 6 June, BASF has now completed the integration of the business into its global operations. BASF says it expects to be reporting annual synergies of €160m ($200m) by 2010, with almost half of this being achieved by 2007 and 80% by 2008.
Following its acquisition of Engelhard Corporation on 6 June, BASF has now completed the integration of the business into its global operations. BASF says it expects to be reporting annual synergies of €160m ($200m) by 2010, with almost half of this being achieved by 2007 and 80% by 2008.
The integration of the business will see the loss of about 800 jobs, primarily from the US. The catalysts division and major related reasearch activities will be based in Iselin, New Jersey while BASF's US headquarters will remain in Florham Park, New Jersey.
"The integration allows us to achieve profitable growth by expanding and deepening our existing business relationships in key industries and markets," said Klaus Peter Lõbbe, member of the board of executive directors of BASF Aktiengesellschaft, responsible for North America. "Our integration plan allows us to combine the strengths of all of our assets - whether recently acquired or existing - to ensure that they contribute to our long-term profitability."