AkzoNobel in talks to buy rival BASF's industrial coatings unit
February 11, 2016 | 8:17 am CST
akzonobel-basf.jpg

Paint and coatings specialist AkzoNobel has confirmed it is in talks to purchase rival BASF's industrial coatings business. No further details were available.

AkzoNobel said the move is in line with the company's strategy "of driving operational excellence and organic growth includes the possibility to pursue value generating, bolt-on acquisitions." 2015 revenues for the decorative paint, performance coatings and specialty chemicals firm were $16.8 billion. The Dutch company has business units worldwide, including the United States and Canada.

In a statement yesterday regarding the company's latest fiscal information, AkzoNobel CEO CEO Ton Büchner noted, "Looking ahead, we expect 2016 to be a challenging year and anticipate limited support from the markets in which we operate. We will continue to build on our foundation of operational excellence, adding organic growth and innovation to the next phase of our strategy, creating everyday essentials to make lives more livable and inspiring."

2014 sales for the German-based BASF were $8.2 billion; information for 2015 will be released Feb. 27. According to a company website, its U.S. affiliate BASF Corp. is the second largest producer and marketer of chemicals and related products in North America. BASF's market segment product range includes: furniture and wood, architectural coatings, and coatings for the automotive, plastics and electronics industries.


 

Have something to say? Share your thoughts with us in the comments below.

Profile picture for user karenkoenig
About the author
Karen Koenig | Editor

Karen M. Koenig has more than 30 years of experience in the woodworking industry, including visits to wood products manufacturing facilities throughout North America, Europe and Asia. As editor of special publications under the Woodworking Network brand, including the Red Book Best Practices resource guide and website, Karen’s responsibilities include writing, editing and coordinating of editorial content. She is also a contributor to FDMC and other Woodworking Network online and print media owned by CCI Media. She can be reached at karen.koenig@woodworkingnetwork.com