Business Briefing for October 14
Recent developments in the chemistry business sector include several key 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.
- Biotech companies Soufflé, Nilo, and Expedition have launched, marking new entries into the biotechnology sector.
BASF's coatings business, one of the world's largest producers of automotive coatings, generated sales of $4.4 billion in 2024 and includes the company's surface treatment business.
BASF will retain a 40% interest in the business and receive $6.7 billion in cash from the sale.
Author's summary: BASF sells majority stake in coatings unit.
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