Nanophase Tech announces litigation settlement with BASF

Nanophase Technologies Corporation has agreed to a resolution of all ongoing litigation with BASF. The parties have executed a Settlement Agreement, an amendment to their existing supply contract, and a joint stipulation to dismiss the case with prejudice to be filed in the Superior Court of New Jersey within the next five business days. “We are happy to conclude this litigation on positive terms. BASF has been a good partner to Nanophase over the years, and we expect that partnership to continue to bear fruit in the future,” said Nanophase President and CEO Jess Jankowski. “Our commercial teams have remained aligned throughout the litigation process, but I know that all of us are excited and looking forward to focusing all of our energies on enhancing the commercial success of our businesses. Completion of the settlement allows Nanophase and Solesence to focus on what we do best, while continuing to support our sale of mineral-based Active Pharmaceutical Ingredients, into a market that recognizes the benefits these solutions bring. With this behind us, we expect our API and Solesence finished products business to continue to grow, enhanced further by now having the benefit of our undivided attention.”