DSM to sell urea-licensing business to Maire Tecnimont
(Thomson Reuters ONE) - Royal DSM N.V., the global Life Sciences and Materials Sciencescompany headquartered in the Netherlands, and Maire Tecnimont S.p.A.,a leading international engineering and construction groupheadquartered in Italy, announce today that they have reached anagreement for the sale of DSM's urea-licensing subsidiary StamicarbonB.V. to Maire Tecnimont for a total consideration of EUR 38 millionon a cash and debt-free basis. The intended sale is expected to closeby Q4 2009, subject to regulatory and other customary approvals andnotifications.Stamicarbon, founded in 1947, is the world market leader in licensingurea technology with over 250 licensed urea plants located in overeighty different countries and a leading market share in newcapacity. Urea, mainly used as a fertilizer, is produced from ammoniaand carbon dioxide. Stamicarbon realized net sales of EUR 57 millionin 2008 and an operating profit of EUR 25 million. In 2008Stamicarbon's operating profit was exceptionally high as a result ofa number of large contracts closed during the year. The averageoperating profit for Stamicarbon has been approximately EUR 10million per year over the past four years.Stamicarbon employs about 50 people in urea licensing, almost all ofwhich are engineers and technical staff. Stamicarbon licensespatented technology and proprietary know-how to existing andprospective urea producers. Its non-urea licensing portfolio has beentransferred to a new entity, Knowfort Technologies B.V., and is notpart of the intended sale or the 2008 results of Stamicarbon.Nico Gerardu, member of the Managing Board of Royal DSM, gave thefollowing comment: "The intended sale of the urea-licensing businessis an important step in DSM's accelerated transformation towards aLife Sciences and Materials Sciences company. I am convinced thaturea licensing has a much better strategic fit with Maire Tecnimont,a leader in project management and contracting. I would like to thankall Stamicarbon employees for their continued support and substantialcontribution."Fabrizio Di Amato, Chairman and Chief Executive Officer of MaireTecnimont S.p.A., stated: "This acquisition is a major step towardsachieving the objectives set out by the Group's strategic guidelinesto grow our Engineering, Procurement and Construction servicesbusiness in selected sectors of the process plant industry.Stamicarbon will operate as a member of the Maire Tecnimont Group, inparticular alongside Tecnimont, and will continue to generatelicensing revenues and margins as a standalone activity.Contemporaneously, we foresee that Stamicarbon will enlarge ourtechnology portfolio and, working with Tecnimont, enhance our EPCbusiness in the fertilizer sector through synergies in thecommercial, technology and operation areas by improving processefficiency and competitiveness."Stamicarbon brings both excellent technical expertise and technologyon which Maire Tecnimont intends to lever its high quality E&Cbusiness, primarily through synergies to be realized in combiningtechnology and EPC contracting.In September 2007 DSM announced that as a result of the acceleratedstrategic shift towards Life Sciences and Materials Sciences, anumber of businesses which do not fit in with the strategy would becarved out and divested. Urea licensing is one of these businesses.The divestment process for DSM Elastomers, DSM Agro and DSM Melamineis underway. As reported earlier, DSM has slowed down the process inview of the current financial and economic environment but still aimsto complete the disposals within the timeframe of its Vision 2010strategy.The intended sale is dependent on regulatory and other customaryapprovals and notifications and will be submitted to the workscouncils according to the usual procedures in the Netherlands. Oneday before the closing, all employees in urea-licensing will betransferred to Stamicarbon B.V., the company to be acquired by MaireTecnimont, in accordance with Dutch regulations.Maire TecnimontMaire Tecnimont S.p.A. is the parent company of an internationalindustrial group which provides a comprehensive, integrated system ofservices and installations in four sectors: Chemicals andPetrochemicals, Oil & Gas, Power, Civil Engineering andInfrastructure. The Group has established itself thanks to advancedskills in Project Management and Main Contracting, by implementingcomplex turnkey projects all over the world, combining high qualityand planning standards with a focus on multicultural andenvironmental issues. The Group, listed on the Milan Stock Exchange,with a presence in 24 countries and 4 continents, currently controls37 operating companies and can rely on a workforce of 4,300employees, more than half of whom are outside Italy. At 31 December2008, the Group reported revenues of EUR 2,463 million and net incomeof EUR 117 million. For more information: www.mairetecnimont.it.StamicarbonStamicarbon B.V. is the global market leader in developing andlicensing urea technologies and services, delivering optimumenvironmental performance, safety, reliability and productivity atthe lowest investment level. Stamicarbon's services include a uniqueFull Life Cycle Support service to assist customers throughout thelife cycle of a urea plant. Working in close cooperation withlicensees, contractors, suppliers and research institutes, thecompany is constantly developing new processes and upgrading existingtechnologies.DSM - the Life Sciences and Materials Sciences CompanyRoyal DSM N.V. creates innovative products and services in LifeSciences and Materials Sciences that contribute to the quality oflife. DSM's products and services are used globally in a wide rangeof markets and applications, supporting a healthier, more sustainableand more enjoyable way of life. End markets include human and animalnutrition and health, personal care, pharmaceuticals, automotive,coatings and paint, electrical and electronics, life protection andhousing. DSM has annual net sales of EUR 9.3 billion and employs some23,500 people worldwide. The company is headquartered in theNetherlands, with locations on five continents. DSM is listed onEuronext Amsterdam. More information: www.dsm.comFor more information:DSM Corporate Communications DSM Investor RelationsHerman Betten Hans Vossentel. +31 (0) 45 tel. +31 (0) 45 57828645782017 fax +31 (0) 45 5782595fax +31 (0) 45 e-mail investor.relations(at)dsm.com5740680e-mailmedia.relations(at)dsm.comMaire Tecnimont S.p.A.Communication Office Investor RelationsCarlo Nicolais Lawrence Y. KayTel +39 06 412235.728 Tel +39 06 412235.536Fax +39 06 412235.642 Fax +39 06 412235.644comunicazione(at)mairetecnimont.it investor-relations(at)mairetecnimont.itImage BuildingSimona Raffaelli, NicoleZancanella,Alfredo MeleTel +39 02 89011300mairetecnimont(at)imagebuilding.ithttp://hugin.info/130663/R/1331337/314958.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 29.07.2009 - 07:17 Uhr
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