€475 million deal includes technology, products and sites in the UK and South Africa

BASF has agreed in principle to sell its industrial coatings segment to AkzoNobel for €475 million (£368 million). The deal includes technology, patents and brand trademarks, as well as related manufacturing sites in Deeside, UK, and Vanderbijlpark, South Africa.

Assuming it passes the relevant regulatory and employee consultation hurdles, the move will leave BASF’s coatings division with a narrower focus on automotive coatings and decorative paints, according to a company statement.