International.
BASF signed an agreement to acquire the assets of Guangdong Yinfan Chemistry Co. Ltd. (Yinfan) in China. With this acquisition, BASF will establish a strong footprint in coatings production through access to an automotive finishing coatings plant in China.
It will also enable BASF to expand its portfolio of automotive finishes in Asia-Pacific by adding Yinfan's product line to its global brands, including Glasurit®, R-M®, baslac® and Norbin®.
"The acquisition underscores our strong commitment to growing our automotive paints business and new investments in emerging markets," said Markus Kamieth, Division President of BASF Coatings. "With this acquisition, we will expand our portfolio and gain access to a strong distribution network, which will reinforce our position in the rapidly growing Chinese automotive aftermarket."
The closing of the transaction is expected to occur during the second half of 2016, subject to regulatory, legal and other authorizations. Both parties have agreed not to disclose the financial details of the transaction.
