PRZOOM - /newswire/ -
Ludwigshafen, Germany, 2016/04/20 - BASF has signed an agreement to acquire the assets of Guangdong Yinfan Chemistry Co., Ltd (“Yinfan”) in China - BASF-Coatings.com. DE000BASF111
• Complementary product portfolio and customer base to boost BASF’s automotive refinish coatings business in China and Asia Pacific;
• Stronger local production footprint to enhance customer proximity with wider product portfolio in different market segments.
With this acquisition, BASF will establish a stronger coatings production footprint by gaining access to a state-of-the-art automotive refinish coatings plant in China. It will also enable BASF to broaden its automotive refinish portfolio in Asia Pacific by adding the Yinfan line of products to its successful global brands including Glasurit®, R-M®, baslac® and Norbin®.
“The acquisition underlines our strong commitment to growing our automotive coatings business and further investing in emerging markets,” said Markus Kamieth, President of BASF’s Coatings division. “With this acquisition, we will broaden our portfolio and gain access to a strong distribution network, which will strengthen our position in the fast-growing Chinese automotive aftermarket.”
The closing is expected in the second half of 2016, subject to necessary regulatory, statutory and other approvals. Both parties have agreed not to disclose financial details of the transaction.
About BASF’s Coatings division
BASF’s Coatings division (basf-coatings.com) develops, produces and markets innovative automotive coatings, automotive refinishes and industrial coatings as well as decorative paints. We operate sites in Europe, Asia Pacific, North America and South America. Within this network, we collaborate closely with our customers all over the world. In 2015, the Coatings division achieved global sales of about €3.2 billion.
At BASF (basf.com), we create chemistry for a sustainable future. We combine economic success with environmental protection and social responsibility. The approximately 112,000 employees in the BASF Group work on contributing to the success of our customers in nearly all sectors and almost every country in the world. Our portfolio is organized into five segments: Chemicals, Performance Products, Functional Materials & Solutions, Agricultural Solutions and Oil & Gas. BASF generated sales of more than €70 billion in 2015. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (AN).
Contact: Jörg Zumkley
P: +49 2501 14-3453 - E: joerg.zumkley[.]basf.com