Volker Trautz, president and CEO of Basell, welcomed today’s announcement that BASF and Shell Chemicals have signed an agreement to sell Basell to a consortium led by New York based Access Industries, together with The Chatterjee Group.
“It ends a period of uncertainty for our customers, who have been patient and understanding, and our employees, who have been loyal and focused on our business,” said Dr. Trautz. “The transaction brings into Basell shareholders with a strong belief in the future of our company and our industry.”
Access Industries, founded by company Chairman and President Len Blavatnik in 1986, is a privately held, industrial holding company with investments worldwide. Access has long term strategic interests in the oil, aluminium, coal and telecommunications sectors.
The Chatterjee Group (TCG) is a privately held, US-based investment organisation with a significant business presence in India. Dr. Purnendu Chatterjee is the chairman of TCG, which has a controlling interest in Haldia Petrochemicals Ltd, a major integrated petrochemical company that utilises Basell technology.
“I’m very pleased that we are the successful bidder for Basell,” said Mr. Blavatnik. “We are experienced in industrial investments in companies that compete in large, cyclical markets, and we believe Basell is an attractively positioned global business with an excellent future. I am very impressed by Basell’s track record, and by the company’s highly professional and motivated management and workforce.”
Dr. Chatterjee likewise praised Basell’s “broad-based customer portfolio, premium market position and leading capability in product and process innovation," and added, "we look forward to consolidating Basell's global leadership position through enhanced commitments in technology.”
It is expected that the transaction will become final and the ownership of Basell formally transferred to the new shareholders in the second half of 2005, upon receipt of any necessary regulatory approvals. “In the meantime,” said Dr. Trautz, “we will continue to operate our business as usual and our main priority, as in the past, will remain that we fully meet our customers’ needs and expectations.”
Basell is the world's largest producer of polypropylene and advanced polyolefin products, a leading supplier of polyethylene and catalysts, and a global leader in the development and licensing of polypropylene and polyethylene processes. Basell, together with its joint ventures, has manufacturing facilities around the world and sells products in more than 120 countries. The company’s web site address is: www.basell.com.
Click here to view BASF and Shell press release.
For more information about Basell contact:
• Michelle Talmo Harrell, Basell Corporate Communications, at +1 410 996 1366, +1 302 438 6574, or michelle.harrell@basell.com
For more information about Access Industries contact:
• John Stonborough, media contact UK, at +44 7771 893 683 or jsmediaco@aol.com
• Peter L. Thoren, media contact USA, at +1 212 247 6400 or pthoren@accind.com
