German chemicals company BASF SE Wednesday said it has signed an agreement to buy the assets of Yinfan Chemistry Co. Ltd, a Chinese company that specialize in automotive refinish coatings.
A BASF spokesman declined to disclose financial details of the transaction, as agreed by the two parties, but BASF said the acquisition enables it to strengthen its coating production in China by gaining access to a “state-of-the-art automotive refinish coatings plant” there.
By adding the Yinfan product line to its portfolio, BASF aims to broaden its automotive refinish offerings in Asia Pacific. The product line will complement its own brands such as Glasurit, R-M, baslac and Norbin, it said.
“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,” said Markus Kamieth, who heads’ BASF’s coatings division. The division contributed 3.2 billion euros ($3.6 billion) to global group sales in 2015, according to BASF.
The closing is expected in the second half of 2016, subject to necessary approvals.
By Ulrike Dauer
Source: MarketWatch
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