Jul 4 2008
BASF has signed an agreement with Turkish company Yasar to acquire Yasar’s shares in the 50-50 joint venture Yasar BASF Automotive Coatings Ltds., which markets automotive OEM and refinish coatings in Turkey. The move is part of BASF plans to strengthen its position among international automotive manufacturers and suppliers in the Turkish market. Both companies have agreed not to disclose financial details of the transaction. In 2007, the joint venture posted sales of approximately €45 million and had 130 employees.
Jürgen Barwich, head of BASF’s Business Center Turkey said: “The acquisition of Yasar’s shares in this joint venture is a long-term investment in our Turkish operations. We are thus strengthening our market position in the Turkish automotive market, which has doubled production in the past 10 years and which is growing at more than 10 percent per year.” Gunther Sthamer, the future managing director of the new company BASF Coatings Ltds. in Turkey, said: “We are now completely integrated into BASF’s global network and can offer our customers are even wider range of services.” BASF already leads the market for automotive OEM coatings in Turkey market through the joint venture.
BASF Coatings will move the headquarters of the former joint venture from Izmir to Istanbul-Kavacik by the end of the year. In Istanbul-Dudullu, BASF already operates a customer training center for refinish coatings. In addition, BASF is installing color mixing units and a color laboratory at its site in Gebze-Dilovasi near Istanbul.