March 16, 2026 [BASF]- 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.
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