BASF has announced that it has purchased Iowa-based ITWC, which specializes in polyester polyols and cast elastomer polyurethane systems.
ITWC has more than 80 workers and handles research and development, manufacturing, business management, administrative, and sales functions. It operates sites located in Riverside, California and Malcom, Iowa. BASF is procuring ITWC’s assets which also include those attained during ITWC’s purchase of California-based Hydroseal Polymers in 2010.
According to the President of BASF’s Polyurethanes division, Raimar Jahn, through this acquisition, the company has strengthened its position as a supplier of polyurethane system solutions and further improved its worldwide market position with cast elastomer technology for a number of industries.
BASF’s President of Market and Business Development, North America, Beate Ehle stated that the new product portfolio complements the company’s offering of polyurethane systems, chemicals and specialties within North America. It strengthens the company’s footprint in the local polyurethanes market. BASF is looking forward to greet ITWC workers.
ITWC’s Chief Executive Officer and Founder, Walt Smith commented that BASF’s resources and financial strength will improve the track record of consistent growth and development of ITWC. Significant growth has been attained by IWTC in sales in the past 23 years. The company is confident that more growth will be experienced in the future. Smith added that the company is happy to be incorporated in BASF’s portfolio.
Cast elastomers are very tough and resistant to abrasion. They are utilized in various applications across several markets. Industrial rollers and tires, transportation pulleys and gears, scrapers and sieves, processing equipment for construction, recreational wheels, adhesives and sealants are some of the typical applications.
Source: http://www.basf.com/