BASF has announced that it has agreed to sell its pigments business to fine chemicals company DIC. For €1.15 billion. The deal is expected to close in the final quarter of 2020.
“We have achieved our goal to find an owner who considers pigments a core strategic business,” Markus Kamieth, member of the Board of Directors of BASF said in a statement. “DIC pursues ambitious growth plans and has announced to further develop the business in the coming years. We are convinced that the pigments business will be able to unfold its full potential within DIC.”
Kaoru Ino, President and CEO at DIC added, “We have outlined a clear growth path for DIC with the target to increase our sales to 1 trillion yen, i.e. approximately €8 billion by 2025. In this context, BASF’s pigments portfolio is an important strategic addition in meeting our goals more expeditiously. It will allow us to expand our position as one of the leading pigment suppliers globally and offer our customers more versatile solutions.”