BASF Coatings, a provider of novel decorative paints, industrial coatings, automotive OEM coatings, and automotive refinishes, has announced that it has entered into a contract to sell the decorative paints business of RELIUS in France and Germany to PROSOL Lacke + Farben, a wholesale company dealing in coatings and paints.
RELIUS FRANCE and RELIUS COATINGS in Germany deal with construction plaster, paints, glazes and varnishes. As part of the sale, the Memmingen site in Germany, along with 30 distribution points located in France and Germany, has been sold to PROSOL.
The current transaction does not include the RELIUS decorative paints business in the Netherlands and the RELIUS COATINGS’ industrial coatings business in Oldenburg site, Germany. While the Oldenburg site is to remain as part of BASF, the Netherlands decorative paints business is under negotiations for being sold.
The RELIUS COATINGS’ decorative paints business in France and Germany presently employ about 350 people. After the transfer, their employment contracts will be taken over by PROSOL.
The President of BASF's Coatings Division, Dr. Markus Kamieth stated that RELIUS COATINGS had established brands, advanced sites and experienced employees. The acquisition by PROSOL will have a positive effect on its construction paints business.
PROSOL’s Managing Director, Dieter Prosch stated that the acquisition of the RELIUS COATINGS decorative paints business will help expand the company’s network of sites.
November 30, 2012 has been scheduled as the date for transfer of the businesses. Information about the purchase price has not been disclosed by the companies.
Source: http://www.basf.com/