Japan’s DIC buys BASF paint pigments business for $1.3 bn

Japanese printing ink maker DIC Corp has announced that they are buying BASF’s pigments business for 1.15 billion euros ($1.3 billion), to gain a broader footprint in Europe.

DIC will gain European plants, to complement its mainly Asia and North America-based operations, as well as products such as pearlescent pigments for cosmetics and better access to customers in the car industry, it said.

BASF in February unveiled plans to put the unit – with about 1 billion euros in sales and about 120 million euros in core profit – up for sale, seeing little potential for the business to differentiate itself from rivals.

Source: reuters.com