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Benzinga
Benzinga
Business
Akanksha Bakshi

Aspen Assumes Direct Responsibility For Spaceloft A2 On BASF Supply Deal Termination

  • Aspen Aerogels Inc (NYSE:ASPN) has terminated its supply arrangement with BASF SE's (OTC:BASFY) BASF Polyurethanes.
  • With the execution of the amendment to the supply agreement, Aspen has assumed direct responsibility for the commercialization of Spaceloft A2.
  • Effective December 15, 2021, BASF no longer sells aerogel products covered under the supply arrangement, and Aspen Aerogels retains all rights to sell the products.
  • "While sustainable building materials constitute a smaller portion of our overall revenue, Aspen is positioned for strong 2021 revenue and will carry solid momentum going into 2022," commented Don Young, Aspen's President and CEO.
  • Price Action: ASPN shares closed lower by 4.23% at $50.90, and BASFY shares closed at $17.43 on Tuesday.
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