DSM and Sinochem Group establish global anti-infectives joint venture
(Thomson Reuters ONE) -
Royal DSM, the global Life Sciences and Materials Sciences company, announces
today that it has established the 50/50 global joint venture for its business
group DSM Anti-Infectives with Sinochem Group. All applicable regulatory
approvals and customary clearances from competition authorities have been
received. The agreement to form the joint venture was announced in December
2010.
As part of the agreement to form the joint venture, Sinochem Group has taken a
50% equity interest in the business group for a total cash consideration of ?
210 million on a cash and debt-free basis with 1 January 2011 as effective date.
Sinochem Group and DSM share on a 50/50 basis the cash in- and outflow of DSM
Anti-Infectives as from that date. On balance DSM will report a book profit of
approximately ? 45 million after tax as a result of this transaction in Q3 2011
as an exceptional item.
The joint venture will be headquartered in Hong Kong. Current DSM Anti-
Infectives employees, in total around 2,000 people globally, are part of the new
group, to be named DSM Sinochem Pharmaceuticals Limited. The joint venture
includes all of the current DSM Anti-Infectives activities across the world.
Stefan Doboczky, Member of the Managing Board of Royal DSM, and CEO of DSM
Sinochem Pharmaceuticals commented: "The establishment of this joint venture
with Sinochem is fully in line with DSM's stated strategy for its Pharma
cluster: creating value via partnerships, but also further strengthens DSM's
position in China. The combination of DSM's strong global market position in
anti-infectives and Sinochem's significant global market capability, presents
exciting future growth opportunities through combined technologies and access to
customers, especially in the fast growing Asian economies."
Mr. Pan Zhengyi, Vice President of Sinochem Group said: "The establishment of
DSM Sinochem Pharmaceuticals Limited will accelerate the application of its
innovative biotechnology knowledge to improve and transform its business, so as
to consolidate and enhance its global leading position in the field of anti-
infectives. At the same time, we are confident that this is a very positive step
for Sinochem and DSM in their respective ambition to apply biotechnology
broadly, to help the advancement of human health with environmentally
sustainable processes."
Both companies are convinced that together they will be better able to grow top
and bottom line by capturing the growth opportunities in China and other high
growth economies, combining DSM's proprietary technology position and global
production footprint and Sinochem's strong position in its core businesses
together with its global growth ambition in the bio-industry.
Organization and management
The present global DSM Anti-Infectives organization and management will form the
backbone of DSM Sinochem Pharmaceuticals' organization and management. The
customer oriented structure of DSM Anti-Infectives with full service units in
Latin America, Europe, Egypt, India and China will be the base of servicing the
DSM Sinochem Pharmaceuticals customers. The board of DSM Sinochem
Pharmaceuticals shall have six members of whom three will be appointed by DSM
and three by Sinochem.
Sinochem Group
Incorporated in 1950, Sinochem Group is one of China's biggest central state-
owned enterprises. Sinochem has five business segments including agricultural,
energy, chemical (including pharmaceutical distribution), real estate and
finance. Sinochem has more than 200 subsidiaries and branches both in China and
abroad, among which there are six listed companies, namely Sinochem
International (SSE, 600500), Intmedic (SZE, 000411), SinoFert (HKEX, 00297),
Franshion Properties (HKEX, 00817), GMG (SGS, 51M) and Far East Horizon (HKEX,
3360). More than 40,000 employees emulate Sinochem's spirit of exploration and
innovation, adopt the mindset of "Creating Value, Pursuing Excellence" and try
their utmost to enhance the corporate value and to build an iconic company
worldwide. More information: www.sinochem.com
DSM - Bright Science. Brighter Living.(TM)
Royal DSM N.V. is a global science-based company active in health, nutrition and
materials. By connecting its unique competences in Life Sciences and Materials
Sciences DSM is driving economic prosperity, environmental progress and social
advances to create sustainable value for all stakeholders. DSM delivers
innovative solutions that nourish, protect and improve performance in global
markets such as food and dietary supplements, personal care, feed,
pharmaceuticals, medical devices, automotive, paints, electrical and
electronics, life protection, alternative energy and bio-based materials. DSM's
22,000 employees deliver annual net sales of about ? 9 billion. The company is
listed on NYSE Euronext. More information can be found at www.dsm.com
For more information:
DSM Corporate Communications DSM Investor Relations
Herman Betten Hans Vossen
tel. +31 (0) 45 5782017 tel. +31 (0) 45 5782864
fax +31 (0) 45 5740680 fax +31 (0) 10 4590275
e-mail media.relations(at)dsm.com e-mail investor.relations(at)dsm.com
Press release-pdf:
http://hugin.info/130663/R/1542660/472294.pdf
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originality of the information contained therein.
Source: DSM N.V. via Thomson Reuters ONE
[HUG#1542660]
Unternehmensinformation / Kurzprofil:
Datum: 31.08.2011 - 10:45 Uhr
Sprache: Deutsch
News-ID 60897
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