DSM aims to complete divestments before making big acquisitions

03 November 2009 15:56  [Source: ICIS news]

LONDON (ICIS news)--DSM will not be looking at big acquisitions until it has completed the divestment of its melamine, agro and elastomers businesses, the Dutch company’s chief financial officer (CFO) said on Tuesday.

CFO Rolf-Dieter Schwalb told journalists at a press conference that while the company was interested in making acquisitions, it wanted to complete its disposal before it made any big purchases.

DSM put its melamine, agro and elastomers businesses on the market in September 2007 as part of its strategy to focus on life and material sciences.

 Because of the economic crisis, DSM had to slow down the sale of these businesses, Schwalb said.

“We haven't pushed it as hard as we could have,” Schwalb said.

In response to questions over whether he was confident that DSM could divest the businesses by the end of 2010 as previously planned, Schwalb said: “Confident might be a strong word.”

“We are not willing to sell them at any price,” he added.

DSM refused to comment on whether it has had any bids for the businesses. However, it said in a statement that the disposal was “underway”.

Last month, DSM completed its sale of DSM Energie Holding to Abu Dhabi Nation Energy Co PJSC (TAQA). as the sale of its urea-licensing subsidiary, Stamicarbon, to Maire Tecnimont.

To discuss issues facing the chemical industry visit ICIS connect

By: Lucy Craymer
+44 20 8652 3214

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