Interview: ‘The agreement between BASF and Carlyle laid the foundation for the future independence of the Coatings division.’

What does Carlyle’s entry mean for the Coatings division in concrete terms – and what strategic goals are you pursuing in this new structure? 

Uta Holzenkamp: The signing of the agreement between BASF and Carlyle laid the foundation for the future independence of the Coatings division. BASF Coatings will remain part of the BASF Group until the planned closing in the second quarter of 2026. In the future, Carlyle will contribute its extensive industry experience and a clear growth strategy to position our business as an independent market leader. 

We will continue to build on our in-depth technical expertise, strong traditional brands such as Glasurit and Chemetall, long-standing customer relationships and a culture of trust and responsibility that has grown continuously for more than 130 years. 

BASF will retain a 40 % stake, underscoring its confidence in our team and our future viability. Together, we will create the conditions for sustainable growth and innovation. 

What opportunities does the new ownership structure open up for you, particularly in terms of speed, freedom of decision-making and investment opportunities? 

Holzenkamp: The new ownership structure gives us the opportunity to focus entirely on coatings and tailor our structures and processes even more specifically to the needs of our customers. Decisions will be made more quickly and the major transformations in our markets – including in the areas of sustainability and digitalisation – will be shaped even more actively. Carlyle has a strong track record and extensive experience in successful carve-outs. They have already announced that they will work closely with the Coatings management team and support the future growth of the business through investments, including in the innovation pipeline. 

What priorities will you set in the short term to make the most of your new independence? 

Holzenkamp: Our focus is on smooth preparation for Day 1 as an independent company. Between now and the planned closing in the second quarter of 2026, we will establish our core functions, create new legal entities and further develop our brand profile. Our goal is to operate independently and efficiently from day one – while continuing to offer our customers and employees the same reliability and continuity. This transition will be made considerably easier by the fact that BASF will continue to provide certain internal services – primarily in the areas of IT and HR – for a specified period of time even after the change of ownership. This will allow us to benefit from the new structures more quickly, while giving us more time to ensure a smooth “technical separation”. 

Will there be changes in the management structure or organisation? 

Holzenkamp: The existing management structure will remain unchanged until the transaction is completed. Carlyle will work closely with management and is committed to continuity. The aim is to jointly drive the future growth of the business. Any organisational developments will be designed with the long-term orientation and needs of the company in mind. 

What does the sale mean in concrete terms for the approximately 10,000 employees – especially at the large sites in Münster-Hiltrup? 

Holzenkamp: The scope of the transaction includes employees in all three business units of BASF Coatings – Surface Technologies, Automotive Production Coatings and Automotive Refinish Coatings – at 160 relevant locations, some of which are still jointly operated with BASF. As the largest contiguous coatings location in the world, Münster is already the company’s independent headquarters. There are no plans to relocate. Customers and partners alike value the technology, innovation and brand strength that build on the German tradition of the business. 

All contracts of the global companies will be transferred to the new owner upon closing and will remain valid. In addition, job security for all employees is strengthened by additional protection mechanisms for 18 months after closing. The BASF Coatings team is looking forward to new opportunities for growth and to writing a new chapter in the history of the Coatings division after 137 years and 60 years of BASF. 

How will this deal change your position in the market, particularly in relation to competitors? 

Holzenkamp: With Carlyle’s support and BASF’s continued involvement, we are excellently positioned to further expand our market position. We invest specifically in innovation, technical excellence and customer proximity – these are key differentiators from our competitors. Carlyle’s global platform and willingness to invest open up new opportunities to further expand our market position. Our proven brands and products, our deep understanding of applications with excellent technical service, and our quality and global delivery reliability remain key success factors. Most important to the success of our business are our people, their skills and their enthusiasm for our customers. 

The global coatings industry is becoming increasingly consolidated. How can the new Coatings company benefit from this? 

Holzenkamp: Increasing consolidation offers opportunities for targeted growth – both organically through innovation and commercial excellence, and through targeted acquisitions. As an independent platform, we will be able to respond more flexibly to market opportunities in the future, leverage synergies and further strengthen our own competitiveness. Carlyle brings the necessary experience and network to leverage this potential. And with our full focus on coatings, we are even stronger. 

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