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BASF Completes Acquisition of Engelhard Corporation
Ludwigshafen, Germany (ots/PRNewswire) -
- BASF CEO Hambrecht: 'We started the integration process.'
BASF Aktiengesellschaft (Frankfurt: BAS, NYSE: BF [ADR], LSE: BFA, SWX: AN) today announced the successful completion of its acquisition of Engelhard Corporation (NYSE: EC).
"Together with the Engelhard team we have started the integration process in which our customers continue to be the key priority," said Dr. Jurgen Hambrecht, Chairman of the Board of Executive Directors of BASF Aktiengesellschaft. "Our goal is to make Engelhard an integral part of BASF to leverage both companies' strong talent, technology and unique applications expertise. Integration teams consisting of BASF and Engelhard employees will assess the combined business needs."
Hambrecht emphasized: "Our customers will benefit from the accelerated development of products with superior performance through the combined R&D capabilities of our companies."
As a result of the transaction, Engelhard is a wholly owned subsidiary of BASF and its shares no longer trade on the New York Stock Exchange.
BASF is the world's leading chemical company: The Chemical Company. Its portfolio ranges from chemicals, plastics, performance products, agricultural products and fine chemicals to crude oil and natural gas. As a reliable partner to virtually all industries, BASF's intelligent system solutions and high-value products help its customers to be more successful. BASF develops new technologies and uses them to open up additional market opportunities. It combines economic success with environmental protection and social responsibility, thus contributing to a better future. In 2005, BASF had approximately 81,000 employees and posted sales of more than EUR42.7 billion. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA), New York (BF) and Zurich (AN). Further information on BASF is available on the Internet at http://www.basf.com.
This press release contains forward-looking statements. All statements contained in this press release that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the words "anticipate," "believe," "expect," estimate," "plan," and similar expressions are generally intended to identify forward-looking statements. These statements are based on current expectations, estimates and projections of BASF management and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict and are based upon assumptions as to future events that may not prove to be accurate. Many factors could cause the actual results, performance or achievements of BASF to be materially different from those that may be expressed or implied by such statements. Such factors include those discussed in BASF's most recent Form 20-F filed with the SEC.
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