Acquisitions

CEO Barry W. Perry has left Engelhard less than a month after BASF completed its $5.6 billion hostile takeover of the New Jersey-based producer of catalysts and pigments. Perry led Engelhard's fight against the takeover beginning in January and succeeded in getting BASF to raise its offer twice before Engelhard capitulated.

Perry participated in the welcoming event that BASF held for Engelhard employees on June 9 and told staffers at that time that he planned to leave. BASF confirms Perry's departure but is providing no further details. Perry had led Engelhard since 2001.

Moving quickly to replace Perry, on June 23 BASF appointed Wayne T. Smith executive vice president of a newly formed global catalysts division with headquarters in New Jersey. Smith was formerly head of BASF's North American intermediates business. A chemical engineer with a bachelor's degree from Syracuse University, Smith came to BASF in 2004 from W.R. Grace, where he headed construction chemicals.

The new catalyst division includes most of Engelhard's businesses. It consists of four major segments: an environmental technologies unit that makes automotive emission catalysts; a process technologies unit that sells chemical, polyolefin, and petroleum-refining catalysts; a material services unit that handles precious- and base-metal purchases for the manufacture of catalysts; and an R&D unit.

BASF says Engelhard's pearlescent pigments and other operations, including the Collaborative Laboratories and Coletica personal care businesses, will be integrated into its existing operating divisions. BASF says it plans little change in staffing at Engelhard manufacturing sites; however, staff reductions will occur in corporate administration.