BASF selling industrial coatings business to AkzoNobel
In a bid to strengthen its focus on its core automotive OEM and automotive refinish coatings businesses, Germany-based chemical maker BASF is selling its industrial coatings business to industrial coating supplier AkzoNobel for 475 million euros.
The transaction will 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 complete the transaction by the end of 2016.
BASF’s industrial coatings business generated sales of approximately 300 million euros 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.
“We have successfully developed our global industrial coatings business over the last years with a clear focus on attractive market segments,” said Markus Kamieth, president of BASF’s coatings division. “To further develop the business, we see positive growth prospects under the umbrella of AkzoNobel, which is a leading global player in industrial coatings.”
AzkoNobel is headquartered in Amsterdam, Netherlands.