AMSTERDAM: Akzo Nobel NV has agreed to buy a coatings business from BASF SE for 475 million euros to expand in the market for treatments to protect metal products from wind turbines to consumer goods.
The coil-coatings business generated about 300 million euros in sales last year, Amsterdam-based Akzo Nobel said in a statement yesterday.
The deal is expected to close in the second half of the year. Akzo Nobel chief executive Ton Buechner has said he is interested in making acquisitions and pushing for growth again after years of cutting costs and selling units to bring profitability in line with industry peers.
