BASF has agreed to sell its industrial coatings business to AkzoNobel for approximately $530 million. The unit supplies coatings for wind energy plants, general industry and commercial transport, in addition to end uses such as coil, furniture foil and panel coatings. The transaction includes two production sites located in England and South Africa.
BASF said the sale would allow it to focus more on its automotive OEM and refinish coatings and decorative paints businesses.
The deal is expected to close by the end of the year.
