The Sherwin-Williams Company SHW entered into a definitive agreement with BASF Group to acquire the latter’s Brazilian architectural paints business (‘Suvinil”) for $1.15 billion in an all-cash transaction.

Williams, an American company, will acquire the unit, which has about 1,000 employees, said the world's largest chemicals group.

FRANKFURT : German chemicals giant BASF said Monday it will sell its Brazilian paint business for US$1.15 billion (€1.1 billion), as it seeks to slim down its operations amid an industrial slowdown. Sherwin-Williams, an American company, will acquire the unit, which has about 1,000 employees, said the world’s largest chemicals group.

BASF SE will sell its Brazilian paints unit to Sherwin-Williams Company for $1.15 billion, as part of the German company’s wider strategy to focus on its main chemicals, industrial and nutrition divisions.