BASF acquires American rigid polyurethane foam producer Foam Enterprises
BASF announced that it has aquired Foam Enterprises, Inc., Minneapolis, Minnesota. Financial details of the transaction were not disclosed.
Foam Enterprises Inc. supplies rigid polyurethane foam materials for the spray, pour, froth and molding markets, which include roof and wall insulation, walk-in coolers, insulated building panels, spas, and boat flotation, among others. The company had sales of approximately $80 million in 2003. BASF is also a manufacturer of rigid polyurethane foam systems.
"This acquisition reflects BASF's global strategy to strengthen its network of polyurethane "system houses" that develop precisely tailored formulations for customers to convert polyurethane raw materials into finished products," said Bill Bernstein, group vice president of the company's Polyurethanes business in North America.
FEI's founder and president, Dennis Holbert, will continue to lead FEI, which employs approximately 80 people at its Minneapolis headquarters and its research and production operations in Houston.
"Customers will benefit from this acquisition because BASF and FEI will learn a great deal from each other, and share best practices in areas such as technology development, product quality, supply consistency, research, global support, and customer and technical service," said Bernstein. "By teaming up, we will be able to bring optimal material solutions that meet the specific needs of our customers." BASF and FEI will continue to supply customized polyurethane systems to their respective customers. BASF will supply FEI with many of the polyurethane raw materials the system house uses to produce its customized foam formulations for customers.
For more information, visit www.basf.com