BASF Signs Agreement to Acquire Automotive Refinish Coatings Assets
"The acquisition underlines our strong commitment to growing our automotive coatings business and further investing in emerging markets," said Markus Kamieth, President of BASF's Coatings division. "With this acquisition, we will broaden our portfolio and gain access to a strong distribution network, which will strengthen our position in the fast-growing Chinese automotive aftermarket."
The closing is expected in the second half of 2016, subject to necessary regulatory, statutory and other approvals. Both parties have agreed not to disclose financial details of the transaction.
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