BASF AG (HQ: D-67056 Ludwigshafen) has accepted an offer of Hanwha Chemical Corp. (Seoul, Republic of Korea) to acquire their 50% share in the 50:50 joint venture Hanwha BASF Urethane Ltd. BASF will take over the personnel of the jv and rename the company BASF Urethane Korea Ltd. Its plant in Yeochon is adjacent to Hanwha Chemical's major production site and has recently expanded its MDI capacity from 50,000 to 80,000 t/y. Both partners agreed to continue the future cooperation in the same spirit of mutual trust and friendship which has contributed to the success of the joint venture. Hanwha Chemical and the BASF Urethanes Korea will maintain very close relations involving the exchange of major quantities of raw materials as benzene, chlorine etc.

With this acquisition, the BASF group underlines its commitment to Asia. BASF will continue strengthening its service to the Korean and other Asian Polyurethane markets with PUR raw materials as well as PUR systems.