German Chemical Maker BASF Plans to Sell Industrial Coatings Unit

World’s largest chemical maker, BASF SE, is planning to sell its industrial coatings or the photoinitiators business for €475 million, or $529 million, to rival AkzoNobel, with the intention to focus on operations which offer higher profitability and stronger growth. It is also planning to raise money for potential acquisitions. The transaction would include technologies, patents and trademarks, as well as the transfer of two dedicated production sites – Deeside (England) and Vanderbijlpark (South Africa). BASF’s industrial coatings business generated sales of approximately €300 million (about $335 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 the sale of the industrial coatings business, BASF will further strengthen its focus on core automotive OEM and automotive refinish coatings businesses as well as the leading decorative paints business with its brand Suvinil in Brazil.

Read Full News At: http://www.researz.com/german-chemical-maker-basf-plans-sell-industrial-coatings-unit

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