International.
BASF reported that it has sold its global photoinitiator business to IGM Resins B.V., a Netherlands company, and a global producer and supplier of radiation-curable material.
However, the company announced that high-performance photoinitiators dedicated to the specific needs of electronics customers are not part of the assignment, as the electronics industry is one of BASF's strategic areas.
Photoiniciators are used in radiation curing formulations in various industries. Typical end-user applications are coatings for furniture and flooring, as well as inks for printing and packaging.
The operation consists of the company's assets including technology, patents and some trademarks, customer relations and company-related contracts, as well as the company's photoiniciator production center in Mortara, Italy. The transfer of the mortara site and all its employees to the partnership is expected to be completed shortly after consultations with local employee representatives. Approximately 120 employees are affected globally. Both sides have agreed not to disclose the financial details of the acquisition.
