Financial details of the two transactions were not disclosed.
The divestment involves ACE activities of Akzo Nobel’s car refinishes business in Germany, Austria, France, Italy, Switzerland and Spain. The manufacture of these coatings will be transferred from Akzo Nobel’s sites in Zona Franca, Spain, Stuttgart, Germany and Montataire, France to one of BASF’s coatings sites. The section of business sold to BASF was valued at approximately E9 million.
The BASF products—which are mainly used to coat doors and windows used in the construction industry—will be transferred from the BASF site in Münster to Akzo Nobel’s Decorative Coatings site in Cologne, Germany.
“Our joinery business has established a strong position in many European markets in recent years through the Sikkens brand and the BASF business fits in very well with the strategic objectives we have for this market,” said Rudy van der Meer, member of Akzo Nobel’s board of management responsible for coatings.
“With these transactions, we consistently continue to pursue our strategy of profitable growth. It is mainly the acquisition of coatings for agricultural and construction machinery that will give us another boost,” said Jean-Pierre Monteny, CEO of BASF Coatings AG.