Page 161 - CW E-Magazine (4-3-2025)

News from Abroad

CONSOLIDATION
Sherwin-Williams to buy BASF’s Brazilian

decoratives paints business for $1.15-bn

American paints major, Sherwin- facilities strategically located in the continue to thrive as part of Sherwin-
Williams, has agreed to buy BASF’s Northeast and Southeast regions of Williams,” said Mr. Anup Kothari,
Brazilian architectural paints business Brazil. member of the Board of Executive
(Suvinil) for $1.15-bn in an all-cash Directors of BASF SE and responsible
transaction. “For more than 60 years, Suvinil has for the Coatings division.
been synonymous with innovation and
The business, which had sales of quality. The business is highly comple- Sherwin-Williams intends to finance
approximately $525-mn for 2024, deve- mentary to Sherwin-Williams in Latin the transaction through a combination
lops, manufactures and sells a portfolio America,” said Ms. Heidi Petz, Sherwin- of cash on hand, liquidity available
of products under the Suvinil and Glasu! Williams Chair, President and CEO. under existing facilities and new debt.
brand names to professional painters, Upon close, Suvinil will become part
designers, architects, general contractors “The signing marks an important of the Sherwin-Williams Consumer
and consumers across the country. The step in unlocking the value of our stan- Brands Group with a joint focus on a
company employs approximately 1,000 dalone businesses. We are convinced seamless experience for customers and
employees and operates two production that the decorative paints business will opportunities for employees.

EXIT STRATEGY
Lotte Chemical to offload PTA unit in Pakistan

Korea’s Lotte Chemical is selling site since the second half of 2020 and with the highest market share. Lotte
its entire stake of 75.01% in its Pakis- has been producing Purified Isophthalic Chemical announced at a press
tani subsidiary, LCPL, which produces Acid (PIA) through facility conver- conference last year that as part of its
and sells PTA, to Lucky Core Indus- sion. With the sale of its Pakistan PTA plan to achieve KRW 50 trillion ($35-bn)
tries, a Pakistani chemical company, subsidiary, the company will no longer in sales by 2030, it aims to generate
for approximately South Korean Won produce the product. approximately KRW 30-trillion
(KRW) 192.4-bn ($134-mn). ($21-bn), or 60% of total sales, from
PIA is used as a raw material for its high value-added speciality and
Lotte Chemical plans to use the PET, coatings, unsaturated resins, and eco-friendly material businesses. LCPL
funds secured from the sale to strengthen other materials, and Lotte Chemical’s was acquired by Lotte Chemical in
the value-added properties of existing production capacity of PIA is 520-ktpa, 2009 for approximately KRW 14.7-bn
petrochemical products such as PE, PP, making it the world’s largest producer ($10-mn).
and PET, expand its speciality business,
and enter into the eco-friendly material Barentz appoints Esther Veninga as new
sector.
CFO
The company said the PTA business Barentz, a leading speciality ingre- one of the largest subsidiaries of Ahold
was deemed to be “not in line” with its dients solution provider, has announced Delhaize. Prior to this, she was CFO of
mid- to long-term vision of expanding the appointment of Ms. Esther Veninga Delhaize Serbia and held key finance
its high value-added specialty business, as Chief Financial Officer (CFO) and as and business leadership positions at
leading to the decision to sell off the a member of the Board, effective from Stop & Shop, Ahold Delhaize, and
subsidiary. 1 May 2025. Ahold Czech Republic. Her career has
spanned business planning and con-
To enhance its business competi- Ms. Esther joins Barentz from trolling, investor relations, strategic
tiveness, Lotte Chemical has stopped Albert Heijn, where she served as CFO, programme management, and financial
operating its PTA plant at the Ulsan overseeing the financial strategy of control.

Chemical Weekly March 4, 2025 161

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