BASF makes moves in China
BASF has signed an agreement to acquire the assets of Guangdong Yinfan Chemistry Co Ltd in China.
The acquisition allows BASF to establish a stronger coatings production footprint by gaining access to a state-of-the-art automotive refinish coatings plant in China. It will also enable BASF to broaden its automotive refinish portfolio in Asia Pacific by adding the Yinfan line of products to its global brands including Glasurit, R-M, baslac and Norbin.
‘The acquisition underlines our strong commitment to growing our automotive coatings business and further investing in emerging markets,’ said Markus Kamieth, president of BASF’s Coatings division. ‘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.’
The closing is expected in the second half of 2016, subject to necessary regulatory, statutory and other approvals. Both parties have agreed not to disclose financial details of the transaction.