BASF to Carve out Mobile Emissions Catalysts Business Amid E-Mobility Shift
December 07 2021 - 09:56AM
Dow Jones News
By Ed Frankl
BASF SE said Tuesday that it will carve out its mobile emissions
catalysts business as it ramps up efforts to deal with the auto
industry's shift to e-vehicle manufacturing.
The carve-out will establish a separate entity named BASF
Automotive Catalysts and Recycling, the German chemical company
said. The process will start in January and is expected to take up
to 18 months.
"BASF continuously evaluates its portfolio and with the
carve-out we want to give this business more entrepreneurial
freedom and agility, so it can focus even better on the needs of
its markets and customers," BASF board member Markus Kamieth
said.
The new entity will prepare BASF, one of the world's largest
chemicals suppliers to the auto industry, for the sector switch to
electromobility and allow for future strategic options, the
Ludwigshafen-based company said.
It will comprise around 20 production sites and more than 4,000
employees, with its base in Iselin, N.J.
BASF will also invest up to 4.5 billion euros ($5.08 billion)
between 2022 and 2030 in battery materials and base-metals
recycling as it targets growth in the market, it said.
Write to Ed Frankl at edward.frankl@dowjones.com
(END) Dow Jones Newswires
December 07, 2021 09:41 ET (14:41 GMT)
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