DIC to buy BASF pigment business

BASF is selling its pigment business to the Japanese chemical maker DIC for about $1.3 billion in cash. The German firm put the business on the block in February. With sales last year of more than $1.1 billion, the business produces organic, inorganic, and pearlescent pigments at 11 facilities, mostly in Europe and North America. It will become part of DIC’s color and display business, which makes organic and pearlescent pigments as well as liquid crystal materials; it also has annual sales of about $1.1 billion. DIC is active in pigments through its Sun Chemical unit. Still for sale is BASF’s construction chemicals business, which has annual sales of about $2.7 billion.