BASF to Strengthen Polyurethanes Business in North America With Acquisition of ITWC Incorporated

Tue Jul 3, 2012 9:00am EDT

* Reuters is not responsible for the content in this press release.

  FLORHAM PARK, NJ, Jul 03 (Marketwire) -- 
BASF and ITWC, Inc. today announced BASF's acquisition of ITWC, Inc.,
based in Malcom, Iowa. ITWC specializes in cast elastomer polyurethane
systems and polyester polyols. Financial details of the transaction were
not disclosed.

    With more than 80 employees, including business management,
manufacturing, R&D, sales, and administrative functions, ITWC operates
sites in Malcom, Iowa, and Riverside, California. BASF is acquiring the
assets of ITWC, including those obtained during ITWC's acquisition of
Hydroseal Polymers Inc., Riverside, California, in November 2010.

    "With this acquisition, BASF further solidifies its position as a leading
solutions provider for polyurethane systems and enhances its global
market position with cast elastomer technology for a wide range of
industries," said Raimar Jahn, President of BASF's Polyurethanes
division. "ITWC has a strong cast elastomers technology and product
portfolio, as well as an excellent customer base and manufacturing
capabilities. We look forward to combining our polyurethanes research and
applications expertise with ITWC to expand our global reach in the cast
elastomers market."

    "Within North America, the new portfolio complements BASF's offering of
polyurethane chemicals, systems, and specialties, and bolsters our
footprint in the regional polyurethanes market," added Beate Ehle,
President of Market and Business Development, North America. "We look
forward to welcoming the employees of ITWC at BASF."

    "ITWC's track record of continuing growth and development will be
enhanced by the financial strength and resources of BASF," said Walt
Smith, Founder and CEO of ITWC, Inc. "ITWC has experienced tremendous
growth in sales over the past 23 years. We're confident there will be
even more growth in the future. And the timing is right, consistent with
plans already in place at both of our companies. We're pleased to be
included in the BASF portfolio of system houses."

    Cast elastomers are used in a wide range of applications across many
markets and are known for their toughness and abrasion resistance.
Typical applications include industrial tires and rollers, recreational
wheels, transportation gears and pulleys, processing equipment for
construction, sieves and scrapers, sealants and adhesives. 

    CDI Global, an international company search firm specializing in mergers,
acquisitions and joint ventures, assisted in negotiating the transaction.

    About BASF Polyurethanes
 BASF is the leading supplier of Polyurethane
Solutions for systems, specialties and PU basic products. With its global
network of 38 polyurethane system houses and its comprehensive product
and service portfolio, BASF is the preferred partner of its customers in
many industries. The BASF brand "Polyurethane Solutions" represents over
40 years of experience of the market and technology leadership for
Polyurethane Systems. To learn more about innovative solutions from the
Polyurethane experts at BASF, visit us here: www.polyurethanes.basf.us.

    About BASF 
 BASF Corporation, headquartered in Florham Park, New Jersey,
is the North American affiliate of BASF SE, Ludwigshafen, Germany. BASF
has more than 16,000 employees in North America, and had sales of $20
billion in 2011. For more information about BASF's North American
operations, visit www.basf.us.

    BASF is the world's leading chemical company: The Chemical Company. Its
portfolio ranges from chemicals, plastics, performance products and crop
protection products to oil and gas. We combine economic success, social
responsibility and environmental protection. Through science and
innovation we enable our customers in almost all industries to meet the
current and future needs of society. Our products and system solutions
contribute to conserving resources, ensuring healthy food and nutrition
and helping to improve the quality of life. We have summed up this
contribution in our corporate purpose: We create chemistry for a
sustainable future. BASF posted sales of about EUR 73.5 billion in 2011
and had more than 111,000 employees as of the end of the year. Further
information on BASF is available on the Internet at www.basf.com.

    

For more information contact:

Stacey Russell
BASF Corporation
Phone: 734-324-6660
E-mail: stacey.l.russell@basf.com 

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