6-K UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
May 02, 2006
BASF AKTIENGESELLSCHAFT
(Exact name of Registrant as Specified in its Charter)
BASF CORPORATION
(Translation of Registrant's name into English)
Carl Bosch Strasse 38, LUDWIGSHAFEN, GERMANY 67056
(Address of Principal Executive Offices)
Indicate by check mark whether the Registrant files or will file annual
reports under cover Form 20-F or Form 40-F
Form 20-F X Form 40-F
Indicate by check mark whether the Registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No X
If "Yes" is marked, indicate below the file number assigned to the
Registrant in connection with Rule 12g3-2(b): 82- .
BASF to Acquire Resins Specialist Johnson Polymer
LUDWIGSHAFEN, Germany--(BUSINESS WIRE)--May 2, 2006--BASF
(NYSE:BF)(FWB:BAS)(LSE:BFA):
-- Acquisition of a profitable and innovative business with high
growth rates
-- Addition of water-based technology complements BASF's coating
resins portfolio
-- Strengthens global presence with focus on North America
BASF, Ludwigshafen, Germany, today (May 2, 2006) announced an
agreement to acquire resins manufacturer Johnson Polymer, a subsidiary
of JohnsonDiversey Inc. of Sturtevant, Wisconsin, a U.S. cleaning and
hygiene products manufacturer. The respective agreement signed on May
1, 2006 provides for a sale price of $470 million on a cash and
debt-free basis. Both companies have agreed not to disclose additional
financial details of the deal. The transaction, which is still subject
to approval by the relevant authorities, is expected to close by the
end of June 2006. The parties are also seeking the advice of the
Johnson Polymer B.V. (Netherlands) works council prior to finalizing
the transaction.
Johnson Polymer is one of the world's leading producers and
suppliers of water-based resins. Resins are important raw materials
for the production of coatings in the automotive, wood, packaging and
printing industries. Johnson Polymer's water-based product range
complements BASF's existing portfolio, which concentrates mainly on
high-solids and UV resins.
The global market for water-based resins is growing at an average
of 5 percent per year. In recent years, Johnson Polymer has grown
faster than the market and has been profitable. Roughly 60 percent of
sales, which were approximately $360 million in 2005, are generated in
North America. Johnson Polymer has 430 employees and operates two
production sites in the United States and one in the Netherlands, as
well as technical centers and offices in Asia Pacific.
"This transaction is a further important step in strengthening
BASF's technology and innovation driven specialty business with
performance products. The deal will further improve BASF's position in
a profitable, fast-growing business and open up new areas for
innovation," said BASF Board member Dr. Andreas Kreimeyer. "The
acquisition of Johnson Polymer expands our high-growth coating resins
business. We are supplementing our expertise in this area with
water-based technologies from a customer-focused company with a highly
qualified team," added Patrick Prevost, President of BASF's
Performance Chemicals division. At the same time, BASF will strengthen
its market presence, particularly in North America, and will therefore
be able to offer its customers a wider range of technologies from a
stronger regional base.
"JohnsonDiversey Inc. is pleased to sell this business unit to a
company with a strong culture and attention to employees," said
company Chairman S. Curtis Johnson. "I've been impressed with the
employee focus of BASF," Mr. Johnson said, "and I'm hopeful this will
create new opportunities for our world-class Polymer employees."
JohnsonDiversey President and CEO Edward Lonergan said that the
divestiture represents an important step in refocusing on the
company's core business in the commercial cleaning and hygiene market.
"The sale of our Polymer business will give us the financial
flexibility to pursue new opportunities for growth in our core
business," said Mr. Lonergan. "This is a critical component of our
restructuring program. We're pleased the acquisition of Polymer is
strategic for BASF, allowing us to pursue strategic investments of our
own." He added that JohnsonDiversey intends to use the proceeds from
the sale to reduce the company's debt.
Johnson Polymer's operations will be integrated into BASF's
Performance Chemicals division. This division produces and markets a
broad range of specialty chemicals worldwide. These products include
colorants and additives, which, like resins, are used for example in
coatings applications. In 2005, the Performance Chemicals division
posted sales of EUR 2.9 billion.
Note: A press photo can be downloaded from
www.basf.de/pressphotos, search term "performance chemicals."
About BASF
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 EUR
42.7 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 www.basf.com.
About JohnsonDiversey
With sales into more than 140 countries, JohnsonDiversey Inc. is a
leading global provider of cleaning and hygiene solutions to the
institutional and industrial marketplace. JohnsonDiversey Inc. serves
customers in the lodging, food services, retail, health care, food and
beverage sectors as well as building service contractors worldwide.
CONTACT: BASF
Gareth Rees, +49 621 60-20732
Fax: +49 621 60-92693
gareth.rees@basf.com
or
BASF U.S. media
John C. Schmidt, +1 973 245-6405
Fax: +1 973 245-6714
john.schmidt@basf.com
or
JohnsonDiversey
John Matthews, +1 262 631 4001
john.matthews@johnsondiversey.com
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Current Report to be signed on its behalf by the
undersigned, thereunto duly authorized.
BASF Aktiengesellschaft
May 2, 2006 By: /s/ Elisabeth Schick
------------------------------------
Name: Elisabeth Schick
Title: Director Site Communications
Ludwigshafen and Europe
By: /s/ Christian Schubert
------------------------------------
Name: Christian Schubert
Title: Director Corporate Communications
BASF Group