Editorial

BASF and AkzoNobel Making Moves

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By: Kerry Pianoforte

Editor, Coatings World

I have been compiling our Annual Top Companies Report for nearly 25 years and this is the first year I haven’t had to remove a company from the rankings due to acquisition or lack of sales. I take this as a sign that the market is stabilizing a bit from the flurry of acquisitions that occurred last year. However, there are two major announcements worth noting.

BASF in Talks to Sell Coatings Business 

BASF made headlines in recent months regarding an article from Bloomberg News reporting that BASF SE is interested in selling its Coatings business. The article reported that BASF has set a valuation of approximately €6 billion ($6.81 billion).

BASF Coatings reported sales of $4.9 billion in 2024, making it the seventh largest international paint and coatings company in Coatings World’s top companies listing. Its key markets are automotive OEM and refinishing coatings. The potential buyers identified by Bloomberg News include Carlyle Group and Sherwin-Williams, who reportedly are considering combining their efforts in a bid for BASF’s coatings unit. Bloomberg added that there has been early interest from CVC Capital Partners and Lone Star Funds, with other private equity firms also interested.

BASF sold its Brazilian decorative paints business to Sherwin-Williams for $1.15 billion on Feb. 17, 2025, with the sale expected to close in the second half of 2025.

JSW Acquires AkzoNobel India

In this issue, our India correspondent, Yogender Singh reports on the acquisition of AkzoNobel India by JSW Paints. This represents the largest acquisition in the Indian coatings market. JSW Paints agreed to acquire AkzoNobel Indian for approximately $1.64 billion. The acquisition includes a 74.76% stake for $1.05 billion, with an open offer for the remaining 25%. However, the company’s powder coatings business and international research center, both part of AzkoNobel India, will be retained by AkzoNobel under full ownership.

JSW Paints, a relative newcomer in the Indian paint industry, is one of India’s fastest-growing paint companies, with a diverse range of offerings in decorative and industrial segments. Launched in 2019, JSW Paints has two manufacturing facilities in the state of Maharashtra and Karnataka. 

Kerry Pianoforte
kpianoforte@rodmanmedia.com

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