International. A week ago we talked about the talks advanced by both companies, now AkzoNobel confirmed that it has agreed to acquire the BASF Industrial Coatings business for a value of € 475 million.
The operation would include technologies, patents and trademarks, and ensure supply to customers around the world. Two manufacturing plants – one in the UK and one in South Africa – would also be transferred to AkzoNobel. The company generated revenues of about €300 million in 2015 and supplies products for a number of end uses, including coil coatings, furniture coatings, panels, wind energy, general industry, and commercial transportation.
"This acquisition will strengthen our position in the important coil coatings market and fits well with our existing business, which allows us to offer essential solutions for our customers," said AkzoNobel CEO Ton Büchner. "We continue to deliver on our strategy to achieve our vision of leading market positions that deliver leading performance."
The transaction is expected to be completed in the second half of 2016, subject to periodic consultations with employee representatives and compliance with certain closing conditions, including receipt of required regulatory approval.
