The deal is estimated at R$5 billion and the trial is expected to begin in the first quarter of 2025
BASF has chosen Deutsche Bank to sell paint brand Suvinil, according to sources. The deal is estimated at R$5 billion. The formal sales process also includes the Glasu brand! and are expected to begin in the first quarter of 2025.
BASF announced in September its aim to sell the brand as part of the German group’s new corporate plan. Immediately afterwards he began to choose the banks for the operation and several names participated. The German company ended up choosing a German bank, with which it has already carried out other operations, such as the structuring of a sustainable financing programme, announced in July.
Brazil is the only country where the German company still operates with decorative paints, which explains the decision to divest the asset. Suvinil, with factories in São Bernardo do Campo and Jaboatão dos Guararapes, is a leader in Brazil and has an estimated annual turnover of R$3.2 billion and an EBITDA (earnings before taxes, interest and depreciation) of R360 million $ per year. The brand has a thousand employees in Brazil. The estimate is that the decorative paint market will generate R$ 12 billion per year in Brazil.
“We are very confident that this business, with the right owner, can grow further or extract more value and can also create value for us. This is the process we will start now,” said Anup Kothari, member of the executive board of BASF, during the presentation of the group’s new commercial strategy.
When contacted, BASF and Deutsche Bank did not comment.
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Source: Terra
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