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DSM have issued details of its intention to acquire NeoResins, the coating resins business of Avecia.
It is anticipated that the closing will take place in the first quarter of 2005. The acquisition is commensurate with DSM’s strategy to strengthen DSM’s coating resins business, part of the company’s Performance Materials cluster.
DSM will pay Avecia a transaction price of EUR 515 million in cash. The transaction comprises the entire NeoResins business on a cash and debt free basis, including the acquisition of shares in 14 legal entities. NeoResins’ sales in 2004 are expected to be around EUR 270 million with an EBITDA of approximately EUR 52 million. The company employs 635 people. The acquisition will be earnings per share enhancing as of year one.
NeoResins will form part of the business group DSM Coating Resins and will trade as DSM NeoResins. The acquisition of NeoResins will add technically very advanced resins to DSM Coating Resins’ portfolio. The business group will develop synergies over the coming period, in the fields of technology, markets, innovation and purchasing.
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