BASF to Divest Softex Business to GOVI CAST

• Agreement includes customer list, formulation and production know-how, and tolling/supply arrangement.

• Divestment supports BASF’s strategic portfolio optimization in Care Chemicals.

Kuala Lumpur and Port Klang, Malaysia and Jakarta, Indonesia, March 11, 2026 – BASF has signed an Asset Purchase Agreement to sell its Softex business to GOVI CAST Sdn. Bhd., a leading supplier of specialty chemicals. The transaction includes the customer list, formulation and production know-how, and a tolling/supply agreement to ensure continuity during the transition. Physical assets will be excluded from the agreement.

The Softex portfolio consists of Calcium and Ammonium Stearate Dispersions, primarily used as anti-tack/mould release agents in glove manufacturing and in applications such as cement mixing and textile coatings. Production of Softex grades has been based at BASF’s Cimanggis site in Indonesia.

As part of the agreement, GOVI CAST will acquire the customer list and take responsibility for sales to BASF’s existing customer base, which is primarily concentrated in Southeast Asia, including Malaysia, Indonesia, and other regional markets. To ensure continuity during the transition, BASF will supply Softex products from its Cimanggis site under a tolling arrangement until GOVI CAST completes the adaptation of formulation and production know-how at its Port Klang facility. This approach guarantees a smooth migration from Softex to GOVI CAST-branded grades while maintaining consistent and reliable supply for customers.

“This divestment reflects BASF’s commitment to focus on strategic growth areas within Care Chemicals, while ensuring our customers experience a seamless transition,” said Parthiv Amin, Senior Vice President, Global Business Unit Industrial Formulators. “GOVI CAST’s expertise and strong presence in specialty chemicals make them an ideal partner to take this business forward.”

“We are excited to integrate Softex into our portfolio,” said Francis Himpe, Managing Director, GOVI CAST. “This acquisition strengthens our position in the glove manufacturing market and allows us to deliver even greater value to customers across Asia Pacific. Our focus will be on introducing innovations that meet evolving industry needs.”

The global gloves market has seen significant growth driven by rising hygiene standards and healthcare demand, with Southeast Asia—particularly Malaysia—representing 65% of global production. Softex products have played a key role in supporting this industry for decades.

Both parties have agreed not to disclose financial details of the transaction. The deal is subject to customary closing conditions.

About BASF

At BASF, we create chemistry for a sustainable future. We combine economic success with environmental protection and social responsibility. Around 108,000 employees in the BASF Group contribute to the success of our customers in nearly all sectors and almost every country in the world. Our portfolio comprises six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care and Agricultural Solutions. BASF generated sales of €59.7 billion in 2025. BASF shares are traded on the stock exchange in Frankfurt (BAS) and as American Depositary Receipts (BASFY) in the United States. Further information at www.basf.com.

About the Care Chemicals division at BASF
The BASF division Care Chemicals offers a broad range of ingredients for personal care, home care, industrial & institutional cleaning, and technical applications. We are a leading global supplier for the cosmetics industry as well as the detergents and cleaners industry, and support our customers with innovative and sustainable products, solutions and concepts. The division’s high-performance product portfolio includes surfactants, emulsifiers, polymers, emollients, chelating agents, cosmetic active ingredients and UV filters. We have production and development sites in all regions and are expanding our presence in emerging markets. Further information is available online at www.care-chemicals.basf.com.

About GOVI
GOVI, established in Ghent (Belgium) in 1910, is a prominent B2B player in the international (oleo)chemicals industry. It was acquired in 2013. With the take-over of Emulco Malaysia in 2015, GOVI has expanded its activities to the Asian market and achieved a record consolidated turnover of about €80 million. The company has 5 production sites (2 in Belgium, 1 in Serbia, 1 in Malaysia and 1 in Turkey). GOVI offers specialized chemicals such as wax emulsions, dust-binding chemicals, calcium-stearate, silicone emulsions, esters and industrial soaps to a variety of industries.
GOVI has strategically selected the location of Port Klang, Malaysia for two main reasons: accessibility to good quality and reliable supply sources for paraffin wax and good, fast and competitive accessibility to all our customers across the Asia Pacific region.