BASF to Sell Industrial Coatings Business to AkzoNobel
BASF SE, Ludwigshafen, Germany, and AkzoNobel, Amsterdam, the Netherlands, have reached a general agreement on the sale of the industrial coatings business of BASF’s Coatings division to AkzoNobel for EUR 475 million. The transaction would include technologies, patents and trademarks, as well as the transfer of two dedicated production sites, one in Deeside, England, and one in Vanderbijlpark, South Africa.
BASF and AkzoNobel intend to finalize and sign detailed transaction documents in due course. The planned transaction is subject to the required consultation with employee representatives and certain regulatory approvals. BASF and AkzoNobel intend to complete the transaction by the end of 2016.
BASF’s industrial coatings business generated sales of approximately EUR 300 million in 2015 and supplies products for a number of end uses, including coil, furniture foil and panel coatings, as well as coatings for wind energy plants, general industry and commercial transport. With this transaction, BASF will further strengthen its focus on its core automotive OEM and automotive refinish coatings businesses as well as the leading decorative paints business with its brand Suvinil in Brazil.
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