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
The investment enables the steam cracker to increase the share of renewable and recycled raw materials used in its (ethylene and propylene) production. The move supports the Borealis Strategy 2030 for a circular economy. The Porvoo investment program is expected to be completed in 2025.
Murray Auchincloss, bp’s CEO, said in a statement: “As I set out in February, BP’s destination from IOC [international oil company] to IEC [integrated energy company] is unchanged – and we need to deliver as a simpler, more focused, and higher-value company.
Founded in 1972, Tecnofilm has expanded its product portfolio over the years to offer a wider range of compounds and functional polymers for various industrial applications and technical articles. The company has patented several of its products.
