German chemical giant BASF SE said it has agreed to acquire the assets of Guangdong Yinfan Chemistry Co., Ltd. in China, as part of efforts to grow its automotive refinish coatings business. Financial terms of the deal, which is expected to close in the second half of 2016, were not disclosed.
BASF noted that with the acquisition, it will establish a stronger coatings production footprint by gaining access to a state-of-the-art automotive refinish coatings plant in China.
The acquisition will also enable the company to broaden its automotive refinish portfolio in Asia Pacific by adding the Yinfan line of products to its own brands including Glasurit, R-M, baslac and Norbin.
Markus Kamieth, President of BASF’s Coatings division, “The acquisition underlines our strong commitment to growing our automotive coatings business and further investing in emerging markets. 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.”
Source: RTT News
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