The world of chemistry BASF announced Tuesday the sale of its fertilizer operations in Belgium and France to Russian EuroChem, for approximately $ 700 million.
Activities are involved in Antwerp and its 50% joint venture in the PEC-Ottmarsheim Rhine, Alsace, it holds with GPN (subsidiary of Total). It employs 190 people.
In Antwerp, the group has several factories producing fertilizers based on ammonium nitrate or nitric acid. The 330 employees affected will be transferred to a new company which will then take possession EuroChem, BASF said in a statement.
BASF expects to have completed the transaction by the end of the first quarter of 2012, after obtaining the approval of various competition authorities.
The fertilizer business is less than 1% of the turnover of the group, said that BASF maintains operations in this area in Ludwigshafen, Germany.