Dutch chemical company Royal DSM has reached an agreement with Amsterdam-based private equity firm Standard Investment for the sale of its DSM Synres division, as it shifts focus away from solvent-based resins.
DSM Synres produces alkyd and acrylic coating resins from a site in the Netherlands and recorded sales of approximately €50mn ($62mn) in the latest financial year.
DSM plans to focus upon sustainable coating resin technologies such as water-based, powder and UV curing coatings as opposed to the solvent-based resins produced by Synres.
The transaction is scheduled to be finalised in the first quarter of 2015, subject to regulatory approval. The value of the deal was not disclosed.
DSM is a global chemical company with annual sales of around €10bn. It produces materials for a number of end user markets. DSM Synres mainly sells coatings to the adhesives and graphic arts industries.
wc/et