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BASF Acquires Majority Stake in Chinese Mining Solutions Firm
12:24 AM MDT | June 24, 2011 | Deepti Ramesh
BASF says it has signed an agreement with Ji’Ning Hock Mining & Engineering Equipment Co. to form a new company, in which BASF will hold a 75% stake. Hock, a well-established producer of chemical injection and cavity filling products for mining and other underground applications in China, will transfer all its current business activities into the new company. Financial details of the deal were not disclosed. Hock had sales of about €50 million ($71.5 million) in 2010. The transaction is subject to approval by relevant authorities in China. The new...
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