German chemical and biotech giant BASF has concluded the sale of its Illinois manufacturing site of vegetable oil-based raw material sterols and natural vitamin E, anionic surfactants and esters, the company announced on 1 June.
Financial details of the sale of the Kankakee site to an affiliate of US private equity firm One Rock Capital Partners were not disclosed.
BASF acquired the Kankakee site and its businesses from Cognis in 2010.
Following the sale, a new standalone company, named Kensing, had been formed, BASF said.
BASF said it had retained its sterol ester food ingredient business in Illertissen, Germany, and would continue to focus on creating food ingredients and formulations.
“With this step, we optimise the global manufacturing footprint of our division. At the same time, we remain fully committed to the industries we serve and continue to produce anionic surfactants for the home care, personal care and industrial formulators market at our other sites worldwide,” said BASF care chemicals division president Ralph Schweens.
In an earlier statement, BASF said that, following a market review, it had determined that the site was no longer a “strategic fit” for the company.
BASF’s portfolio is organised into six segments: chemicals; materials; industrial solutions; surface technologies; nutrition & care and agricultural solutions.