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Business

German Chemicals Giant Buys into Plastic

BASF, the German chemicals giant, has announced the signing of definitive agreements for two transactions with Honeywell International in the United States. BASF has agreed to acquire Honeywell's worldwide engineering plastics business for €160 million ($170 million) and, in a separate transaction, the German company has agreed to sell its worldwide nylon fibers business to Honeywell for €75.6 million ($80 million). Through these transactions, BASF will exit the fibers market and concentrate on its plastics business.