United Technologies will sell Inmont Corp., a leading worldwide maker of gravure inks and automotive finishes, to BASF America for $1 billion cash, UTC and BASF America’s parent company said Tuesday.
Closing on the sale is expected during this year’s third fiscal quarter, UTC and BASF AG of West Germany said in a joint announcement. The sale will be in U.S. dollars.
Inmont, which had revenue of about $1 billion in 1984, is a leading supplier of automotive finishes to both original equipment manufacturers and after-market customers.
Inmont is also among the world’s largest producers of printing and publication gravure inks. And it makes a range of container coatings for packaging industries. About 40% of its sales are to customers outside the United States.
“Throughout the course of our meetings with Inmont, we have become increasingly impressed with the quality of the Inmont business and caliber of its management,” BASF said in a statement of its intention to retain existing Inmont management.
BASF manufactures chemicals; plastics; dyestuffs and finishing agents; coatings; audio, video and computer equipment, and pharmaceuticals. It also produces crude oil, natural gas, coal and refined petroleum products.
In 1984, BASF reported a profit of $315 million on revenue of $14.2 billion.
UTC, the eighth-largest U.S. defense contractor, had a 1984 profit of $645 million on revenue of $16.3 billion.