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April 20 (Reuters) – Specialised polymer elements maker Avient Corp (AVNT.N) mentioned on Wednesday it has entered into an settlement with DSM (DSMN.AS) to acquire its content division for $1.48 billion.
The proposed sale of DSM’s Protecting Products organization will come just after the Dutch specialty chemicals maker’s announcement previous yr about exploring an exit for the division as it aimed at earning sustainable food stuff and health and fitness products and solutions.
Avient’s likely order offer consists of all of DSM’s Protecting Elements pursuits, predominantly consisting of Dyneema, DSM reported in a independent statement, incorporating that the unit accounted for 335 million euros ($362.34 million) of the company’s full once-a-year web profits in 2021.
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Financing for the transaction — expected to close later this 12 months — is becoming presented by Morgan Stanley and JPMorgan, Avient mentioned.
Avient, in the meantime, also explained it strategies to check out the sale of its distribution business, but did not offer further specifics on the divestment.
($1 = .9246 euros)
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Reporting by Anirudh Saligrama and Mrinmay Dey in Bengaluru enhancing by Uttaresh.V
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