Archroma, a Swiss conglomerate and leader in specialty chemicals for the textile, paper and emulsions sectors, has completed its acquisition of BASFâ€™s global textile chemicals business in a move the company's CEO, Alexander Wessels, said that the operational and intellectual synergies between BASF and Archroma will allow them to offer their customers the full breadth and depth of innovation, quality, reliability, expertise and market coverage they need to prosper in these market conditions.
The deal is effective from July 1, 2015 and BASF will manufacture and supply the textile chemical products to Archroma India under a long-term supply agreement.
The acquisition will strengthen Archromaâ€™s position as a clear industry leader in supplying chemicals and dyes to the global textile industry.
About 225 employees globally are in the scope of the transaction, of which approximately 175 are located in Asia. The combined textiles businesses will remain headquartered in Singapore, close to customers in Asia's fast-growing textile markets.
This is the second strategic transaction by Archroma following its corporate carve-out from Clariant in 2013, after previously acquiring a stake in the textile dyes and chemicals manufacturer M. Dohmen in 2014.
Archroma, a portfolio company of US-based private investment company SK Capital Partners, is engaged in three businessesâ€”textile specialties, paper solutions and emulsion products business. Headquartered in Reinach, the firm has around 3,000 employees in over 35 countries.
SK Capital created the company in September 2013 after acquiring a set of business units from Clariant. Clariant's Indian unit had also sold its textile chemicals, paper specialties and emulsions business to Archroma for Rs 209.15 crore ($33.88 million), back then.
Founded in 1943, BASF India manufactures chemicals and its products include expandable polystyrene, tanning agents, leather chemicals and auxiliaries including specialised metal complex dyes, leather dyes, textile chemicals, etc.
BASF India will receive Rs 39.90 crore ($6.3 million) from its parent BASF SE towards discontinuance of the business in terms of the commercial understanding reached between the parties. This takes the total value for divestment to the public listed Indian unit to Rs 104 crore ($16.4 million).
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