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BASF to acquire Becker Underwood

9/20/2012

BASF announced today that it intends to acquire Becker Underwood for a sum of $1.02 billion.

BASF to strengthen global crop protection business
with acquisition of Becker Underwood

. BASF to become a global leader in biological seed
treatments
. Strategic growth field Functional Crop Care strengthened
. Broader portfolio of integrated, sustainable solutions for
agriculture



Ludwigshafen, Germany - September 20, 2012 - BASF plans to acquire Becker Underwood for a price of $1.02 billion. The company, headquartered in Ames, Iowa, is one of the leading global providers of technologies for biological seed treatment, seed treatment colors and polymers, as well as products in the areas of biological crop protection, turf and horticulture, animal nutrition and
landscape colorants and coatings. Becker Underwood has
10 production sites worldwide and 479 employees. BASF came to
an agreement with Norwest Equity Partners (NEP) to acquire
Becker Underwood which has been a portfolio company of NEP
since 2004. The purchase is subject to approval by the responsible
authorities and legal closing of the transaction is expected by the
end of 2012.

"We are impressed with Becker Underwood's ability to translate
growers' needs into innovative, tailor-made solutions that can
promote higher yields while conserving resources. Becker
Underwood is to become part of BASF and we are excited that
together with our new colleagues we can continue expanding our
competencies. Particularly in the rapidly-growing seed treatment
market, we will be able to develop innovative solutions for agriculture,"
said Dr. Andreas Kreimeyer, Research Executive Director and Member of
BASF's Board of Executive Directors responsible for the Agricultural Solutions
segment.

Becker Underwood is expected to achieve sales of $240 million
(?185 million) for fiscal year 2012, ending on September 30. As part
of the acquisition, BASF's Crop Protection division will create a
strategic global business unit called Functional Crop Care. The unit
will merge BASF's existing research, development and marketing
activities in the areas of seed treatment, biological crop protection,
plant health, as well as water and resource management with those
of Becker Underwood. Becker Underwood's animal nutrition
business will be integrated into BASF's Nutrition & Health division.

"Becker Underwood has a strong position in North America. We will
continue to expand this core business as we expand globally.
Together we can sustainably create value for our customers," said
Markus Heldt, President of BASF's Crop Protection division. "We are
thrilled at the prospect of working with the highly-qualified
employees at Becker Underwood as we continue to develop our
combined businesses."

"Over the past years, Becker Underwood has established itself as an
innovative provider of solutions for agriculture," emphasized
Dr. Peter Innes, Chief Executive Officer of Becker Underwood.
"Strengthened by the power of BASF's research capabilities as well
as its existing portfolio of solutions, we will be able to develop and
globally market new types of solutions for growers."

Upon receiving the necessary legal approvals, the majority of Becker
Underwood's business will be integrated into BASF's Crop
Protection division. In 2011, the division recorded sales of around
?4.2 billion and is expecting another top year in 2012 as well. With
its products and services, BASF helps growers to improve their
yields and the quality of their products.