AkzoNobel agrees BASF deal

AkzoNobel has agreed to buy BASF’s industrial coatings business for €475 million.

AkzoNobel, which has in the past indicated it is open to smaller bolt-on acquisitions, said the coatings business was a good fit for its existing units.

The companies aim to complete the transaction by the end of the year, BASF said. The industrial coatings division generated sales of around €300 million last year. The purchase includes the transfer of two production sites, one in Deeside, England and the other in Vanderbijlpark, South Africa.

BASF plans to focus on automotive refinish coatings as well as its decorative paint business.