BASF acquires US foam producer
3 Mar 2004
BASF has acquired Minneapolis, Minnesota-based Foam Enterprises (FEI), a supplier of rigid polyurethane foam materials for the spray, pour, froth and moulding markets, which include roof and wall insulation, walk-in coolers, insulated building panels, spas, and boat flotation.
The US company had sales of approximately $80 million in 2003. Financial details of the transaction were not disclosed.
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, TX.
BASF, also a manufacturer of rigid polyurethane foam systems, and FEI will continue to supply customised polyurethane systems to their respective customers. For its part, BASF will supply FEI with many of the polyurethane raw materials the system house uses to produce its customised foam formulations for customers.
