Paint and coatings specialist AkzoNobel has confirmed it is in talks to purchase rival BASF's industrial coatings business. No further details were available.

AkzoNobel said the move is in line with the company's strategy "of driving operational excellence and organic growth includes the possibility to pursue value generating, bolt-on acquisitions." 2015 revenues for the decorative paint, performance coatings and specialty chemicals firm were $16.8 billion. The Dutch company has business units worldwide, including the United States and Canada.

In a statement yesterday regarding the company's latest fiscal information, AkzoNobel CEO CEO Ton Büchner noted, "Looking ahead, we expect 2016 to be a challenging year and anticipate limited support from the markets in which we operate. We will continue to build on our foundation of operational excellence, adding organic growth and innovation to the next phase of our strategy, creating everyday essentials to make lives more livable and inspiring."

2014 sales for the German-based BASF were $8.2 billion; information for 2015 will be released Feb. 27. According to a company website, its U.S. affiliate BASF Corp. is the second largest producer and marketer of chemicals and related products in North America. BASF's market segment product range includes: furniture and wood, architectural coatings, and coatings for the automotive, plastics and electronics industries.