Sector News

BASF agrees to buy Yinfan coating assets

April 20, 2016
Chemical Value Chain

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

Related News

May 1, 2021

BASF with strong start to 2021 business year

Chemical Value Chain

BASF increased sales by €2.6 billion compared with the first quarter of 2020 to €19.4 billion. This was mainly due to higher prices and volume growth.

May 1, 2021

Air Products acquires full ownership of China gasification joint venture

Chemical Value Chain

Air Products acquired General Electric’s gasification business in 2018 which included the 50% stake in a syngas joint venture with China Shenhua Coal to Liquid and Chemical, a subsidiary of China Energy Group.

May 1, 2021

EVP Yara Europe Tove Andersen appointed President & CEO in Tomra Systems ASA

Chemical Value Chain

Tove Andersen, currently EVP Yara Europe, has been appointed President and CEO of Tomra Systems ASA. She will take up the new position latest 1 November 2021.

Send this to a friend