AMSTERDAM - AkzoNobel and BASF have reached an agreement on the sale of BASF's Industrial Coatings business to AkzoNobel for €475 million. The transaction would include technologies, patents and trademarks, as well as the transfer of two dedicated production sites, one in Deeside, England, and one in Vanderbijlpark, South Africa. The business generated revenue of about €300 million in 2015 and supplies products for a number of end uses, including coil, furniture foil and panel coatings, wind energy and general industry, and commercial transport.

"This proposed acquisition will strengthen our position in the important coil coatings market and fits well with our existing business, allowing us to offer essential solutions to our customers," said AkzoNobel CEO Ton Büchner. "We are continuing to deliver on our strategy to achieve our vision of leading market positions delivering leading performance."

The planned transaction is expected to be completed in the second half of 2016, subject to regular consultation with employee representatives and satisfaction of certain closing conditions, including receipt of required regulatory approval.