BASF has signed an agreement to buy the assets of Guangdong Yinfan Chemistry Co. Ltd, a Chinese company that specializes in automotive refinish coatings. The deal gives BASF access to an automotive refinish coatings plant in China, and broadens its portfolio in Asia-Pacific by adding the Yinfan range to its global brands which include Glasurit, R-M, baslac and Norbin.

The acquisition also provides access to a strong distribution network, which Markus Kamieth, president of BASF's coatings division, said would boost its position in the country’s fast-growing automotive aftermarket. He commented: “The acquisition underlines our strong commitment to growing our automotive coatings business and further investing in emerging markets.”

Closing of the transaction is expected in the second half of 2016, subject to the necessary approvals. Both companies have agreed not to disclose financial details.