The formula field needs to function like this.
It looks at one PL field (ChempaxDB), and then look at a 2nd PL field, and based on the vales of the 2 PL fields, populate with a specific value.
An example would be, (1st PL Field) ChempaxDB = CASE, and (2nd PL Field) Division = 01, the Divisoin Name Field (this is the formula field) populates with "01 - Chemical Raw Materials".
This is what I have come up with but can;t get the formula to work:

OR (IF ( ISPICKVAL( Chempax_DB__c , "CASE"),
CASE( Division__c  ,
"01", "01 - CHEMICAL RAW MATERIALS",
"10", "10 - Azelis CASE, LLC - Garland",
"15", "15 - FOOD PRODUCTS",
"19", "19 - Azelis CASE Garland Direct",
"20", "20 - Azelis CASE - Houston",
"21", "21 - Azelis CASE Bulk",
"29", "29 - Azelis CASE Houston - Direct",
"30", "30 - Azelis CASE - Phoenix",
"31", "31 - Azelis CASE Denver",
"39", "39 - Azelis CASE Direct - Phoenix",
"40", "40 - Azelis Americas CASE, LLC",
"45", "45 - INTERCO ORDERS/TRANSFERS CASE",
"50", "50 - Azelis Americas CASE, LLC",
"51", "51 - Azelis Construction Solutions",
"52", "52 - Azelis CASE Fulton",
"54", "54 - CASE HOUSE ACCOUNTS",
"55", "55 - Azelis CASE, LLC - Atlanta",
"56", "56 - Azelis CASE, LLC - Greenville",
"57", "57 - Azelis CASE, LLC - Meredith",
"58", "58 - FINE INGREDIENTS GROUP",
"59", "59 - Ribelin Atlanta - Direct",
"60", "60 - Azelis CASE, LLC- Orlando",
"61", "61 - Azelis CASE, LLC - Whitaker",
"69", "69 - Azelis CASE Orlando - Direct",
"70", "70 - GMZ - SW",
"88", "88 - DL Trading Duty Drawback",
"89", "89 - Azelis CASE, LLC - IC",
"90", "90 - Azelis CASE, LLC - IC",
"91", "91 - ACS - Intercompany",
"92", "92 - Azelis CASE, LLC - IC",
"94", "94 - GMZ SW COMMISSIONS",
"95", "95 - OPERATIONS",
"96", "96 - COMMISSIONS - CHEMICAL",
"97", "97 - COMMISSIONS - CONTAINERS",
"98", "98 - COMMISSIONS",
"99", "99 - Azelis CASE, LLC - Supplier",
                    null),  

IF ( ISPICKVAL( Chempax_DB__c ,"DeWolf" ),
CASE( Division__c ,
"10", "10 - DeWolf - Industrial Line HI&I",
"20", "20 - DeWolf - Personal Care Line",
"23", "23 - Dewolf - Color Cosmetics",
"89", "89 - DeWolf Intercompany Sales",
null),            

IF ( ISPICKVAL( Chempax_DB__c ,"Glenn" ),
CASE( Division__c ,
"03", "03 - Cosmetic",
"04", "04 - Reseller",
"06", "06 - CAS Number"
"10", "10 - Industrial and Institutional",
"20", "20 - Personal Care",
"23", "23 - Color Cosmectics",
"89", "89 - Glenn Intercompany Sales",
"90", "90 - Glenn Sales To DeWolf",
null),
                
IF ( ISPICKVAL( Chempax_DB__c ,"Marcor" ),
CASE( Division__c ,
"30", "30 - KDG CORPORATE",
"80", "80 - MARCOR DEVELOPMENT",
"89", "89 - INTERCOMPANY SALES",
null),
                
IF ( ISPICKVAL( Chempax_DB__c ,"Monson" ),
CASE( Division__c ,
"01", "01 - INDUSTRIAL SPECIALTIES",
"05", "05 - PIGMENTS AND PLASTICIZERS
"10", "10 - GENERAL INDUSTRIAL",
"15", "15 - FINE INGREDIENTS",
"20", "20 - NON-TOXIC",
"24", "24 - FOCUSED INDUSTRIAL",
"51", "51 - MONSON CO CHEMICAL DIV",
"52", "52 - MONSON CO LMW DIVISION",
"61", "61 - COMMISSION PRODUCTS ISG",
"62", "62 - GIG COMMISSION PRODUCTS",
"63", "63 - PWT COMMISSIONS",
"64", "64 - COMMISSIONS - P&P",
"70", "70 - AUTOMOTIVE/FREEZE PROTECT",
"75", "75 - ICE MELTERS",
"88", "88 - FRT CLAIMS FOR CARRIERS",
"89", "89 - INTERCOMPANY",
"95", "95 - OPERATIONS, SERV WHS, MISC",
"98", "98 - MONSON COMPANIES FREIGHT",
"99", "99 - COMMISSIONS RECEIVABLE",
null),
                    
IF ( ISPICKVAL( Chempax_DB__c ,"Ross" ),
CASE( Division__c ,
"10", "10 - Ross Organic",
"20", "20 - Ross - Personal Care Line",
"23", "23 - Color Cosmetics",
"89", "89 - Ross Intercompany Sales",
null),
null))

Thank you,
Shawn