logo
  

Royal DSM To Sell Engineering Materials Arm For 3.85 Bln Euros

Royal DSM N.V. (RDSMY.PK), a Dutch company focused on health, nutrition, and materials, said on Tuesday that it has reached a deal to sell its Engineering Materials business to Advent International and LANXESS for 3.85 billion euros.

The move will allow the Dutch firm to focus on health, nutrition, and bioscience, and to conclude review of strategic options for its two materials businesses. In April, the company had signed an agreement with Avient Corporation to sell its DSM Protective Materials.

DSM expects to receive about 3.5 billion euros net in cash following the completion of the transaction which is expected in the first half of 2023.

DSM Engineering Materials represented 1.5 billion euros of DSM's total annual net sales and 334 million euros of adjusted EBITDA for 2021.

DSM Engineering Materials will become a part of a newly formed joint venture, together with LANXESS's High Performance Materials business, where Advent International will own 60 percent stake with the remaining 40 percent by LANXESS.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Ride-hailing company Lyft announced its foray into the media and advertisement business with the launch of Lyft Media as part of its vision to build the world's largest transportation media network. Lyft Media has built a suite of new products to allow advertisers to engage with Lyft's growing audience throughout their transportation journeys. Sysco Corp. (SYY) Tuesday reported a more than a three-times surge in fourth-quarter earnings, supported by 17.5 percent growth in sales. The company projects fiscal 2023 adjusted earnings to grow. Earnings for the quarter spiked to $509.99 million from $151.09 million last year. On a per share basis,... Longmont Colorado -based Royal Crest Dairy is recalling 2% Chocolate Milk citing the potential to be contaminated with undeclared egg, a known allergen, the U.S. Food and Drug Administration said. The recall involves Farmer's 2% Reduced Fat Chocolate Milk Pints with the code date of AUG-22.
RELATED NEWS
Follow RTT