DSM completes sale of fertilizer, melamine units to Orascom

01 June 2010 08:20  [Source: ICIS news]

SINGAPORE (ICIS news)--DSM has completed the sale of its fertilizer and melamine business groups to Egypt’s Orascom Construction Industries (OCI), the Dutch chemicals and life sciences group said on Tuesday.

“With the closing of the sale, OCI will start integrating the businesses as of 1 June 2010,” the company said in a statement.

The value of the deal was last reported to be €310m ($419m) on a cash and debt-free basis.

In a separate statement, OCI said that its new fertilizer and melamine businesses would be branded as OCI Agro and OCI Melamine respectively.

The businesses had generated combined revenues of around €180m and earnings, before, interest, tax, depreciation and amortisation (EBITDA) of €31m during the first three months of 2010, OCI added.

($1 = €0.81)

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By: Nurluqman Suratman

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