NEW DELHI: Chemical firm BASF IndiaBSE -1.36 % today said its parent firm has signed an agreement to acquire specialty chemicals firm Chemetall for $3.2 billion.
Germany-based Chemetall supplies specialty chemicals which are used in surface treatment of metals and plastics.
It has 2,500 employees globally and 21 production sites in more than 20 countries.
In India, Chemetall has 150 employees and had reported turnover of $24 million in 2015 and has around 150 employees.
The chemicals manufactured by Chemetall are used in automotive, aerospace, coil and metal forming.
“The company has received information from its parent company BASFBSE -1.36 % SE, Germany that globally BASF has signed an agreement to acquire Albemarle’s global surface-treatment business of Chemetall for a purchase price of $3.2 billion,” BASF India said in a regulatory filing.
The transaction is expected to be closed by the end of this year.
Products of Chemetall complements BASF’s current portfolio by adding higher surface treatment business to its coating offerings, BASF India added.
Source: Economic Times
