BASF announced Thursday that it has fully integrated Engelhard Corp. into its global operations. BASF had acquired Engelhard in June 2006. About 800 jobs will be lost, mainly in the U.S.
As a result of the integration, BASF expects annual synergies of $200 million by 2010. The one-time cost of integrating Engelhard is estimated to be nearly $120 million.
According to BASF, the Catalysts division, which will be formed from the merger of BASF’s existing chemical catalysts business and those catalysts businesses recently acquired, and major related research activities, will be located in Iselin, New Jersey. BASF’s North American headquarters will remain in Florham Park, New Jersey.
BASF will also integrate the Appearance & Performance Technologies (APT) and Ventures businesses into the existing BASF operating divisions of Fine Chemicals, Functional Polymers, Performance Chemicals, Agricultural Products, BASF Future Business, and Catalysts.
BASF said that it will provide assistance for all employees who are laid off as a result of the integration.