28 June 2002 16:08 [Source: ICIS news]
LONDON (CNI)--Dutch chemicals firm DSM announced Friday it has completed the sale of its petrochemicals business to Saudi Basic Industries Corporation (Sabic).
The deal, valued at Euro2.25bn ($2.18bn), was first announced in April and won European Commission (EC) approval earlier this month.
Completion of the deal has meant the transfer to Sabic of DSM Petrochemicals in Geleen, The Netherlands and Gelsenkirchen, Germany with retroactive effect from 1 January 2002.
At ceremonial meetings to be held in Geleen on 1 July and Gelsenkirchen on 2 July, DSM board chairman Peter Elverding will hand over these businesses to Mohamed Al-Mady, vice chairman and managing director of Sabic, said DSM.
The transaction involves the transfer of all shares of the companies that together form DSM Petrochemicals (DPC), the associated DPC participations and sales activities, and the related technology positions, patents and trade names.
In 2001, DPC posted sales of Euro2.4bn. The company sells about 2.6m tonne of polymers annually, mainly in Europe.
About 2300 DSM employees have been transferred to Sabic - 2060 employees from DSM Petrochemicals workforce (of whom 1530 are based in Geleen and 530 in Gelsenkirchen) and 220 people from other DSM units who work exclusively for DPC.
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