Dutch chemical company AkzoNobel last week announced the completed acquisition of BASF's Industrial Coatings business for nearly $500 million.
The transaction includes BASF plants in the U.K. and South Africa and about 400 BASF employees, as well as related technologies, patents and trademarks.
The deal was announced in February as BASF chose to divest some of its operations amid a wave of consolidation in the global chemical industry.
AkzoNobel, meanwhile, said that its acquisition would strengthen the company's position in the global coil coatings market.
"We will be able to offer new products and maintenance solutions — such as protective coatings for wind turbine blades — and service a broader customer base to drive growth," AkzoNobel executive committee member Conrad Keijzer said in a statement.