The company has received information from its parent company, BASF SE, Germany that globally BASF has signed an agreement to acquire Albermarle's global surface treatment business of Chemetall for a purchase price of USD 3.2 billion. The said transaction is subject to approval by the relevant authorities and is expected to close by the end of 2016.

Chemetall is a global technology and innovation leader in the metals surface treatment market and is headquartered in Frankfurt, Germany. Chemetall has approximately 2500 employees globally and operates 21 production sites in more than 20 countries, as well as 10 R&D locations and 24 sales offices. For the full calendar year 2015, global sales of Chemetall were USD 845 million.

In India, Chemetall operates through its subsidiary Company viz., Chemetall India Private Limited, which generated a turnover of approximately USD 24 million in 2015 and has around 150 employees. The chemicals manufactured by Chemetall are used in a wide range of industries and end-users, primarily automotive, aerospace, coil and metal forming.

The products of Chemetall complements BASF's current portfolio by adding highly attractive surface treatment business to its coatings offerings. In India, the Coatings business is part of the Functional Material & Solutions segment of the company.

Shares of the company gained Rs 39.45, or 3.9%, to trade at  Rs 1,050.90.  The total volume of shares traded  was  2,544 at the BSE (9.31 a.m., Wednesday).