Degussa Sells dmc2 to Strategic Investor

25-Apr-2001

The new owner, the OM Group, provides dmc2 outstanding development prospects.

As part of its strategy of focussing on specialty chemicals, Degussa AG of Dusseldorf, Germany, has sold its subsidiary dmc2 to the OM Group, Inc., of the US for Euro 1.2 billion. This price includes dmc2’s financial debt amounting to approx. Euro 0.6 billion. Including off-balance-sheet precious metal leases worth approx. Euro 0.5 billion, the transaction size amounts to approx. Euro 1.7 billion. An agreement to this end was entered into early morning today; however, the deal is contingent on the consent by Degussa's Supervisory Board and receipt of competition clearance from the antitrust authorities.

Prof. Dr. Utz-Hellmuth Felcht, Management Board Chairman of Degussa: "This is the fourth and most important project in our ambitious divestment program since the start of the new Degussa. In selling dmc2, we have again managed to find a solution that benefits all stakeholders while bringing us a huge further step forward in our endeavor to focus solely on specialty chemicals."

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