AkzoNobel announced it has finalized the acquisition of BASF’s global Industrial Coatings business that was announced in February. The industrial coatings business supplies a range of products for industries including construction, domestic appliances, wind energy and commercial transport.
The transaction includes relevant technologies, patents and trademarks, as well as two manufacturing plants in the United Kingdom and South Africa. Approximately 400 employees from BASF’s Industrial Coatings business join AkzoNobel.
The transaction is based on a deal value of €475 million ($495.4 million), with BASF’s Industrial Coatings business generating revenue close to €300 million ($312.9 million) in 2015.