+43 1 532 56 35 office@bollwerk-ag.com

Akzo Nobel eyes BASF’s industrial coatings business

Akzo Nobel eyes BASF’s industrial coatings business

33w451h269

Dutch chemicals group AkzoNobel, one of the world’s largest paint and coatings makers, is in talks with rival BASF over a deal to buy the German chemical group’s industrial coatings business.

Several people familiar with the matter had told Reuters in November that BASF was planning to sell the business – which makes coatings for steel and aluminium bands that are processed into facades, refrigerators and window blinds – in a deal worth up to about 500 million euros ($566 million).

HSBC was advising BASF in the process, the sources said at the time.

In a statement on Thursday, AkzoNobel said that talks with BASF were part of its pursuit of „value-generating bolt-on acquisitions“.

Akzo and BASF declined to give further details.

BASF, the global chemical industry leader by sales, has said it was ready to seek new owners for businesses that have come under too much pressure from low-cost rivals. It is currently splitting off its pigments business ahead of a potential sale.

Unlike BASF’s much larger automotive coatings business, the industrial coatings operation is seen as lacking the scale to compete effrectively in future, industry experts have said.

The business is part of BASF’s 3 billion euro coatings division, which derives 77 percent of its sales from automotive customers. ($1 = 0.8837 euros)

(Reporting by Ludwig Burger; Editing by David Goodman)

link

Related Post

With a world-class development-stage asset, WTR are on the path to become a major mineral sands producer in Madagascar. World Titanium Resources is developing the Tier 1 Toliara Sands Project north of the port of Toliara in south-west Madagascar. The Ranobe Mine  is projected to produce 407,000tpa of ilmenite and 44,000tpa of zircon rich concentrate per […]

On March 21, in a warehouse chemical plant in Hamburg there was a leak of chemicals therefore has covered the city with a poisonous cloud of orange color. It is reported that in a warehouse there was a spill of sulfuric and nitric acid, as a result of chemical reaction over Hamburg the dense cloud […]