BASF has sold its global photoinitiator business to IGM Resins B.V., Netherlands, a global producer and supplier of radiation-curable material. High-performance photoinitiators dedicated to specific needs of electronics customers are not part of the divestment, as the electronics industry is one of BASF's strategic focus areas.
Photoinitiators are used in radiation-curing formulations in various industries. Typical end-user applications are coatings for furniture and flooring as well as inks for printing and packaging.
"This transaction allows BASF to focus on its core resins and additives technologies in the radiation-curing markets. Furthermore BASF will continue to serve the specific needs of the electronics industry with high-performance photoinitiators," said Dr. Markus Kramer, President of BASF's Dispersions & Pigments division.
The transaction comprises business assets including technology, patents and certain trademarks, customer relationships and business-related contracts as well as the company's photoinitiator production site in Mortara, Italy. The transfer of the Mortara site and all of its employees to the acquiring company is expected to be completed shortly after the consultations with local employee representatives. Approximately 120 employees are affected globally. Both parties have agreed not to disclose financial details of the acquisition.