BASF to sell German-based architectural coatings business
On August 16, BASF announced that it will sell the construction coating business of its subsidiary Relius in Germany and France to Prosol, which also includes construction materials such as plaster, paint and varnish. BASF did not disclose the specific sale price.
BASF hopes to complete the transfer on November 30, 2012. Relius' business in the Netherlands is not included, but the Dutch business is also within the BASF sales plan. A spokesman for BASF said that the sale is currently in the negotiation stage. The turnover of BASF's subsidiary Relius in Germany, France and the Netherlands is 80 million euros.
The sale includes a factory in Memmingen, Bavaria, Germany, and 30 distribution centers in Germany and France. The number of employees is approximately 350. BASF will not spin off Relius' industrial coatings business. BASF now has an annual turnover of EUR 2.8 billion in the global market for automotive refinish coatings, industrial coatings and architectural coatings.
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