German chemical group BASF SE (ETR:BAS) said it had acquired US cast elastomer polyurethane systems maker ITWC Inc in an effort to enhance its own polyurethanes activities in North America.
Through the acquisition, BASF will strengthen its position as a leading solutions provider for polyurethane systems and will also improve its global market position with cast elastomer technology for various sectors, BASF Polyurethanes president Raimar Jahn said.
The newly acquired portfolio will complement BASF’s line of polyurethane chemicals, systems and specialities within North America and will also enhance its position in the regional polyurethanes market, said Beate Ehle, the buyer’s president of market and business development for North America.
According to ITWC’s founder and CEO Walt Smith, the US firm will bolster its track record of continuing growth and development while benefiting from the financial strength and resources of its new owner.
As part of the transaction, the financial terms of which were not unveiled, BASF is purchasing all of ITWC’s assets, including those obtained during its takeover of California-headquartered Hydroseal Polymers Inc in November 2010.
Iowa-based ITWC offers cast elastomer polyurethane systems and polyester polyols. The firm has facilities in the states of Iowa and California and over 80 employees, including business management, production, research and development (R&D), sales and administrative functions.
CDI Global has helped BASF during the negotiation period.