BASF sells French, Belgian fertilizer activities
BASF, the world's biggest chemicals maker, said Tuesday it has agreed to sell its fertilizers business in France and Belgium to Russian group EuroChem for around 700 million euros ($945 million).
BASF said in a statement the deal, which is subject to approval by anti-trust authorities, would be completed by March next year.
The sale will affect 330 employees at BASF's fertilizer plant in Antwerp, Belgium, as well as the German giant's 50-percent stake of the PEC-Rhin joint venture in Ottmarsheim, France.
The fertilizer activities have a total annual capacity of approximately 2.5 million tonnes and account for less than 1.0 percent of total group sales.
BASF said its fertilizer operations at its main site Ludwigshafen, Germany, were not included in the deal.
© 2011 AFP