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BASF, Honeywell Trade Businesses

Germany-based BASF AG and Honeywell International, Morris Township, N.J., have signed agreements whereby BASF will acquire Honeywell's global engineering plastics business, while Honeywell will take over BASF's global nylon fibers business.

The transactions are expected to close in the first half of this year, subject to regulatory approval. At closing, BASF will pay Honeywell $170 million in cash in addition to transferring its nylon fibers business to Honeywell in return for Honeywell's engineering plastics business. Honeywell also will pay $80 million to BASF within one year of closing. Honeywell's engineering plastics business currently employs approximately 500 people and includes manufacturing facilities, research and development assets, and sales and technical service offices in North America, Europe and Asia. Product lines include Capron® nylon 6 and nylon 6,6, Petra® post-consumer recycled polyester and Nypel® post-industrial nylon. BASF will add these products to its engineering plastics portfolio, which also includes Ultradur® thermoplastic polyester, Ultraform® acetal copolymer, Ultrason® E polyethersulfone and Ultrason S polysulfone, and Ultramid® nylon-based engineering plastics.

BASF's nylon fibers business employs 1,600 people and includes manufacturing plants, research facilities and sales offices in North America and BASF Hua Yuan Nylon (BHYN) Co. Ltd., Shanghai. Product lines include commercial, automotive and residential nylon 6 carpet fiber; textile products, including nylon yarns for apparel fabrics; nylon for automotive headliner fabrics; and solution-dyed Zeftron® nylon for upholstery fabrics. These products will be integrated with Honeywell's product line, which includes Anso® nylon carpet fiber.

BASF will retain its fiber intermediates plants and will continue to produce nylon and its precursors.

"With this acquisition, we are bringing together the best teams in the industry," said Raimar Jahn, president, BASF Performance Polymers. "Combining the resources and capabilities of BASF's and Honeywell's engineering plastics activities will spur new product and application developments, and create efficiencies in bringing value-added solutions to customers."

"The combination of Honeywell's and BAS'Fs nylon fiber businesses will result in greater economies of scale and increased cost synergies providing a stronger, more valuable business with more strategic opportunities and flexibility in the future," said Nance Dicciani, president and CEO, Honeywell Specialty Materials.

February 2003