BASF and Prosol Lacke + Farben GmbH signed a contract for the sale of the decorative paints business of Relius Coatings GmbH & Co. KG in Germany and Relius France SAS in France. The business encompasses construction paints and plaster as well as varnishes and glazes for construction application and is mainly based in Germany, France and some other selected countries in Europe. The sale of the business includes the Memmingen site in Germany as well as 30 distribution points in Germany and France. The transfer is scheduled to be completed on November 30, 2012. The two parties agreed to not disclose any information on the purchase price.

The decorative paints business of Relius in the Netherlands is not part of the transaction. BASF is currently negotiating the sale of this part of the Relius Coatings business. The industrial coatings business of Relius Coatings at the Oldenburg site in Germany is also not affected and will remain part of BASF.

"Relius Coatings has a very experienced team, state-of-the-art sites and well established brands. We are confident that this business can have a successful perspective at Prosol that has its core competencies in construction paints," said Markus Kamieth, president of BASF's coatings division.

Prosol is a leading wholesale company for paints and coatings. The company was founded in 1949 and employs 500 employees at 40 sites. The product range comprises decorative paints, automotive refinish paints, industrial coatings and wood coatings of leading manufacturers.