Unnamed Bloomberg sources say the company has initiated outreach to potential buyers and investment firms, sharing information about the business as it considers a range of strategic options—including a full divestment or joint venture.

A BASF spokesperson told Bloomberg news that the company is “approaching the market to explore strategic options for the remaining Coatings activities.”

Multiple private equity firms — including Carlyle (reportedly in a potential partnership with Sherwin-Williams), Bain Capital, Advent International, Blackstone, CVC, Lone Star and Platinum Equity — are said to be evaluating the opportunity.

The division, which reported €4.46 billion in 2024 coatings sales, has recently been the subject of strategic realignment within BASF. In December 2023, the company announced plans to restructure its agriculture, battery materials and coatings businesses into more autonomous units to boost profitability. In February 2025, the company sold its decorative paints business in Brazil (Suvinil) to Sherwin-Williams for $1.15 billion.

Despite the reported sale process, BASF’s Coatings division continues to pursue growth initiatives. In spring 2025, the company announced a partnership with Toyota Motor Europe to advance sustainable coating solutions for vehicle production, signaling ongoing investments in innovation.

This story of the potential sale was also covered by the European Coatings Journal, which reported that internal discussions about the future of the division are currently underway. Der Aktionär further stated that BASF has “initiated a sale process for its Coatings business.”

BASF has not yet issued a formal press release on the potential transaction. PCI has reached out to the company for comment.