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15-12-2004: Royal DSM N.V. intends 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 fits perfectly in DSM's strategy and means a substantial strengthening of 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 is a well-managed business enjoying high growth (around 6%) and high profit margins in attractive markets. Its growth is driven by increasing industry and consumer demand for environmentally friendly coating technologies. 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.
This transaction is subject to various external approvals and will be submitted to the works councils according to the usual procedures.
Peter Elverding, DSM's Managing Board Chairman, comments: "I am delighted that DSM and Avecia have reached agreement. It is exactly the kind of acquisition DSM was looking for to finalize the portfolio transformation envisaged in our Vision 2005 strategy. It is an excellent fit since it will strengthen DSM's Performance Materials portfolio and increase our presence in high-growth specialties. The acquisition price is perfectly in line with the previously indicated range. With an EBITDA / sales margin of 20%, NeoResins will contribute immediately to DSM's earnings per share and profitability. Against this background, the multiple we will be paying for NeoResins is full but fair. The combination of DSM Coating Resins and NeoResins will be an innovative and leading producer in the market of environmentally friendly coatings and resins."
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