Business Briefing for October 14
Recent developments in the chemistry business world include several significant transactions and launches.
- BASF has agreed to sell a majority stake in its coatings business to private equity firm Carlyle and the Qatar Investment Authority in a deal valued at $8.9 billion.
- Ineos is making further cuts in Europe as part of its restructuring efforts.
- Biotechnology companies Soufflé, Nilo, and Expedition have launched their operations.
BASF's coatings business, which includes its surface treatment division, is one of the world's largest producers of automotive coatings, generating $4.4 billion in sales in 2024. The company will retain a 40% interest in the business and receive $6.7 billion in cash.
BASF's recent transactions also include the sale of its Brazilian decorative paint business to Sherwin-Williams earlier this month.
Author's summary: BASF sells majority stake in coatings business to Carlyle.