FLORHAM PARK, N.J. (Nov. 6) — BASF Corp. said it will fully integrate Engelhard Corp., which it acquired June 6, into its global operations. According to BASF, the integration is expected to produce annual savings of $200 million per year by 2010 and the cutting of about 800 jobs, mostly in the U.S.
Contributing to the synergies will be broader global reach, stronger business presence in certain regions and extensions into key markets, according to the firm.
The one-time cost of the merge is estimated to be about $120 million, the firm said.
Under the plan, BASF's North American headquarters will remain in Florham Park; the Catalysts division and related research activities will be located in Iselin, N.J.; and the Appearance & Performance Technologies and Ventures business will be integrated into existing BASF operating divisions.