Automotive
BASF extends position as supplier to Turkish automotive industry
Jul 7, 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.
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.
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.
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.
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