BASF has agreed to sell its industrial coatings business to AkzoNobel for €475m (US$529m).
The business supplies various types of coatings, including for wind energy plants and commercial transport, and coil, furniture foil and panel coatings. The business had sales of €300m in 2015. AkzoNobel will acquire all of the business’ technologies, patents and trademarks, and its two main manufacturing sites in Deesside, UK, and Vanderbijlpark, South Africa.
BASF will retain its automotives coatings business and said that it will continue to expand its leading position in the sector, as well as strengthening its focus on its decorative paints business. Markus Kamieth, BASF Coatings president, said that the industrial coatings segment will have “positive growth prospects” with AkzoNobel, the global leader in industrial coatings.
“This proposed acquisition will strengthen our position in the important coil coatings market and fits well with our existing business, allowing us to offer essential solutions to our customers,” said AkzoNobel CEO Ton Büchner.
The two companies expect the deal to be completed by the second half of 2016, subject to closing conditions and regulatory approval.
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