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BASF Acquires Full Ownership of Joint Venture BASF NOF Coatings Co., Ltd., Japan

Published on 2005-03-02. Author : SpecialChem

BASF signed a contract with NOF Corporation for BASF to fully acquire the shares in BASF NOF Coatings Co. Ltd. (BNC), a 50-50 joint venture between the two companies. Effective April 1, 2005, BASF will operate the company under the name of BASF Coatings Japan Ltd. Financial details were not disclosed.

The acquisition of NOF's shares in BNC will encompass all of BNC's assets, including the production sites in Totsuka, Kanagawa prefecture, and Ako, Hyogo prefecture, Japan. Effective April 1, more than 530 employees will work for BASF Coatings Japan Ltd., including current delegates from NOF.

The joint venture BNC was formed in October 2000. The company produces and markets automotive OEM coatings, refinish coatings, and industrial coatings.

Klaus-Peter Löbbe, Member of BASF's Board of Executive Directors and responsible for the coatings business, said: "This transaction underlines BASF's clear commitment to Japan as an important coatings market. The integration into BASF's global organization will enable us to enhance the value of our services and products to customers in Japan."

The company also announced its plan to develop BASF Coatings Japan as the new regional hub for its coatings business in Asia-Pacific. Further details will be provided in due course. "Japanese car manufacturers are key players in the global automotive industry," explained Jean-Pierre Monteny, President of BASF's Coatings division. "BASF Coatings Japan will enable us to expand our partnerships with Japanese car makers, in Japan, the Asia-Pacific region and worldwide", he added. With sales of €2 billion (2003) BASF's Coatings Division develops, produces and markets a high-quality range of innovative automotive OEM coatings, automotive refinishes and industrial coatings as well as decorative paints, and also the processes needed to apply them. In this business, eco-efficient water-based, powder and high-solids coatings as well as radiation-curable systems play a special part. BASF has a major, global presence in the coatings sector, with significant market positions in Europe, North America, South America and Asia-Pacific.

BASF is the world's leading chemical company. Our goal is to grow profitably and further increase the value of our company. We help our customers to be more successful through intelligent system solutions and high-quality products. BASF's portfolio ranges from chemicals, plastics, performance products, agricultural products and fine chemicals to crude oil and natural gas. Through new technologies we can tap into additional market opportunities. We conduct our business in accordance with the principles of sustainable development. In 2003, BASF had sales of more than €33 billion (circa $42 billion). BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA), New York (BF), Paris (BA) and Zurich (AN).

Source: BASF

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