BASF To Sell U.K. Site to Ineos

BASF has reached an agreement to sell its Seal Sands site in Teesside, England, to Ineos Nitriles for an undisclosed sum. The sale includes facilities for the acrylics and nylon precursor acrylonitrile, but will exclude facilities for the nylon precursors adiponitrile and hexamethylenediamine (HMD), which Ineos will operate for BASF. BASF plans to shut down the adiponitrile plant at the end of 2008 when an external supply agreement to feed the HMD plant kicks in. BASF says it is selling the complex to focus on its integrated nylon sites, while Ineos says the purchase supports its growth plans. About 490 workers at the site will transfer to Ineos when the deal closes following government approvals.