Elastogran, a subsidiary of BASF, has joined with Kanoo Group to acquire the polyurethane business of Multi Chemical Est in Abu Dhabi from the Al Hamid Group.
While Dubai-based Kanoo will hold 51 per cent in the joint venture, Elastogran, with its 49 per cent share, will operationally lead the project. Financial details of the acquisition were not disclosed.
The partners plan to construct a new polyurethane system house in Dubai industrial city, with work scheduled to start in mid-2008, and production of PU systems to be concentrated there from 2010.
Dr Uwe Hartwig, group vice president of the regional business unit Polyurethanes Europe, said: ‘Through its engagement in the Gulf region, BASF is strengthening its global network of more than 30 polyurethane system houses.’
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