Ludwigshafen, Germany -- BASF’s Coatings division is set to be sold to AkzoNobel for EUR475m.
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 finalise and sign detailed transaction documents in due course, however the transaction is subject to consultation with employee representatives and regulatory approval. The firms intend to complete the transaction by the end of 2016.
According to BASF, the industrial coatings business generated sales of approximately EUR300m in 2015.