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| German concern BASF sells Brazilian division for 1.15 billion |
| Frankfurt nad Mohanom, 18.02.2025 |
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| German chemical giant BASF is selling its Brazilian paint division for $1.15 billion (1.1 billion euros) as it seeks to streamline its activities at a time of industrial slowdown. TASR reports this based on a report by the AFP agency.
The new owner of the division, which employs around 1,000 people, will be the American company Sherwin-Williams, the German group announced on Monday, saying that it plans to complete the transaction in the second half of 2025. The world's largest chemical group also said that the Brazilian subsidiary had only "limited synergies with other BASF businesses in the coatings sector". The sale is part of cost-cutting measures, with the chemical giant seeking to shed less profitable businesses after being hit by a combination of weak demand and higher energy costs following the outbreak of the war in Ukraine.
In September last year, Group CEO Markus Kamieth announced that BASF would focus on its core assets in an effort to achieve annual savings of around 2.1 billion euros by the end of 2026. When publishing its financial results for the third quarter of 2024 in October last year, the company warned of "risks arising from a possible decline in prices and lower-than-expected volume growth" as its operating profit fell by 7%.odkaz na stránku |
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