BASF to strengthen polyurethanes business in North America with acquisition of ITWC Incorporated
BASF and ITWC, Inc. today announced BASF’s acquisition of ITWC, Inc., based in Malcom, Iowa. ITWC specializes in cast elastomer polyurethane systems and polyester polyols. Financial details of the transaction were not disclosed. With more than 80 employees including business management, manufacturing, R&D, sales, and administrative functions, ITWC operates sites in Malcom, Iowa and Riverside, California. BASF is acquiring the assets of ITWC, including those obtained during ITWC’s acquisition of Hydroseal Polymers Inc., Riverside, California, in November 2010. Cast elastomers are used in a wide range of applications across many markets and are known for their toughness and abrasion resistance. Typical applications include industrial tires and rollers, recreational wheels, transportation gears and pulleys, processing equipment for construction, sieves and scrapers, sealants and adhesives. CDI Global, an international company search firm specializing in mergers, acquisitions and joint ventures, assisted in negotiating the transaction.