BASF, Yasar sign agreement
BASF has signed an agreement with Turkish company Yasar to acquire Yasar’s shares in the 50-50 joint venture Yasar BASF Automotive Coatings Ltd., which markets automotive OEM and refinish coatings in Turkey. The move is part of BASF plans to strengthen its position among international automotive manufacturers and suppliers in the Turkish market. In 2007, the joint venture posted sales of approximately €45 million and had 130 employees.
“The acquisition of Yasar’s shares in this joint venture is a long-term investment in our Turkish operations,” said Jürgen Barwich, head of BASF’s business center Turkey. “We are thus strengthening our market position in the Turkish automotive market, which has doubled production in the past ten years and which is growing at more than ten percent per year.”
BASF will move the headquarters of the former joint venture from Izmir to Istanbul-Kavacik by the end of the year. In Istanbul-Dudullu, BASF operates a customer-training center for refinish coatings. In addition, BASF is installing color mixing units and a color laboratory at its site in Gebze-Dilovasi near Istanbul.