BASF India has signed a Memorandum of Understanding (MoU) with Wurth India (Wurth) to transfer its import and distribution business of Glasurit, an automotive refinish paint brand in India, subject to receipt of requisite approvals as may be necessary. The company will sign a definitive agreement for transfer of this business on or before January 31, 2015.
The transfer of import and distribution business of Glasurit to Wurth is not considered material as compared to the turnover of the company for the financial year ended March 31, 2014 and hence there is no material impact on the overall growth of the company.
BASF India is a leading player in chemical sector and manufactures and markets a wide range of products such as expandable polystyrene, tanning agents, leather chemicals and auxiliaries including specialized metal complex dyes etc. in primary forms and crop protection chemicals.