“Our aim was to find a new home for our construction chemicals business where it can leverage its full potential,” Saori Dubourg, member of BASF SE’s board of executive directors and responsible for its construction chemicals business, adding, “Under the umbrella of Lone Star, the Construction Chemicals team can focus on a growth path with an industry-specific approach.”
“BASF’s construction chemicals business fits very well with our portfolio, complementing our investments in the construction materials industry,” said Donald Quintin, president, Europe, Lone Star.
“We highly value the industry-wide recognised knowledge and competence of the company’s construction chemicals experts, backed by a strong track record in innovative products and a compelling R&D (research and development) pipeline. We look forward to jointly pursuing a growth-oriented business approach,” he added.
With over 7,000 employees, the construction chemicals business operates production sites and sales offices in over 60 countries and generated sales of about €2.5 billion in 2018.
The signing of the agreement has immediate effect on the reporting of BASF Group.
Retroactively, as of January 1, 2019, sales and earnings of the construction chemicals division are no longer included in sales, EBITDA (earnings before interest, taxes, depreciation and amortisation) and EBIT before special items of BASF Group.
The prior-year figures will be restated accordingly (BASF Group sales 2018 restated: €60.2 billion; EBITDA 2018 restated: €8,970 million; EBIT before special items 2018 restated: €6,281 million).
Until closing, earnings will be presented in the income after taxes of BASF Group as a separate item (income after taxes from discontinued operations).