DIC Corp. to acquire BASF’s global pigments business
The 1.15-billion euro sale is intended to broaden DIC's global pigment portfolio.
In a move designed to broaden its global pigment portfolio, Japan-based chemical company DIC Corp. has entered into a definitive agreement to acquire BASF’s global pigments business, known as BASF Colors & Effects, for 1.15 billion euros (US$ 1.25 billion).
The sale is anticipated to close by the end of 2020.
“We have achieved our goal to find an owner who considers pigments a core strategic business,” Markus Kamieth, member of the Board of Executive Directors of BASF SE, said in an Aug. 29 statement. “DIC pursues ambitious growth plans and has announced to further develop the business in the coming years. We are convinced that the pigments business will be able to unfold its full potential within DIC.”
Headquartered in Tokyo, DIC Corp. has about 20,000 employees globally. The company was founded in 1908, and is active in three segments: packaging and graphics, functional products, and colour and display. The company’s colour and display segment includes a portfolio of pigments, and the BASF unit will become part of this.
“We have outlined a clear growth path for DIC with the target to increase our sales to 1 trillion yen, that is, approximately 8 billion euros, by 2025,” DIC Corp. president and CEO Kaoru Ino said in the statement. “In this context, BASF’s pigments portfolio is an important strategic addition in meeting our goals more expeditiously. It will allow us to expand our position as one of the leading pigment suppliers globally and offer our customers even more versatile solutions.”
DIC Corp. is one of Japan’s most diversified chemical companies and the core of the DIC Group, which comprises approximately 180 subsidiaries, including Sun Chemical Corp., in more than 60 countries worldwide.