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BASF sells pigments business to Japan's DIC for 1.2 bln euros
BERLIN, August 29, 2019 (Xinhua via COMTEX) -- Copyright 2019 XINHUA NEWS AGENCY

German chemical giant BASF is selling its pigment business to Japanese fine chemical manufacturer DIC, the two companies announced on Thursday.

BASF and DIC had reached a definitive agreement, which was currently still subject to approval by the "relevant competition authorities," according to BASF.

DIC, which produces organic pigments and synthetic resins, is set to acquire BASF's Colors and Effects subsidiary (BCE) for around 1.2 billion euros (1.3 billion U.S. dollars), the German chemical company said.

"We have achieved our goal to find an owner who considers pigments a core strategic business," said Markus Kamieth, member of the Board of Executive Directors at BASF responsible for the company's industrial solutions segment.

DIC Chief Executive Officer (CEO) Kaoru Ino called the acquisition of BCE an "important strategic addition in meeting our goals more expeditiously."

BASF had already announced its intention to divest its pigments business at the beginning of this year. It expects the transaction to be concluded by the fourth quarter of 2020.

In 2018, BASF's Colors and Effects business generated sales of around one billion euros (1.1 billion U.S. dollars) with around 2,600 employees. DIC employs around 20,000 people worldwide. Its sales totaled 800 billion yen (7.5 billion U.S. dollars) in 2018.

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