BASF is taking complete control of BASF NOF Coatings Co. Ltd. (BNC), its joint venture with NOF Corp. BASF will operate the company under the name of BASF Coatings Japan Ltd.
Financial details of the accord were not disclosed. The joint venture was formed in October 2000.
The acquisition encompass all of BNC’s assets, including the production sites in Totsuka, Kanagawa and Ako, Hyogo prefectures.
Effective April 1, more than 530 employees began working for BASF Coatings Japan Ltd., including current delegates from NOF. “This transaction underlines BASF’s clear commitment to Japan as an important coatings market,” said Klaus-Peter Löbbe, member of BASF’s board of executive directors and responsible for the coatings business. “The integration into BASF’s global organization will enable us to enhance the value of our services and products to customers in Japan.”