BASF Acquire Chemicals Business and Invest in Displays Business

BASF will pay approximately $65million to acquire certain assets of Callery Chemical Division of Mine Safety Appliances Company. The transaction is expected to be completed before the end of the third quarter if 2003.

The acquisition will add to BASF’s range of inorganic chemicals. Callery is a leader in the manufacture of boron and potassium chemicals for use in pharmaceuticals. Other applications for these and other Callery products include agrochemicals, surfactants, adhesives, polymers, electronics and automobiles.

Upon closing the deal, BASF intends to continue manufacturing at Callery’s plant in Pittsburgh (USA). The operation will be integrated into BASF’s North American Inorganics business.

In further BASF developments, BASF Venture Capital have invested in a MicroEmissive Displays, a Scottish microdisplay company. Along with other investors, MicroEmissive intend to raise $7.5 million in series C funding.

MicroEmissive have developed light emitting polymer display technology which is now ready for market. These materials are highly efficient and are set to replace liquid crystal displays in devices such as digital video and still cameras and mobile phones.

For more information on displays, click here.

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