DSM to sell urea-licensing business to Maire Tecnimont

31-Jul-2009 - Netherlands

Royal DSM N.V. and Maire Tecnimont S.p.A. announced that they have reached an agreement for the sale of DSM's urea-licensing subsidiary Stamicarbon B.V. to Maire Tecnimont for a total consideration of EUR 38 million on a cash and debt-free basis. The intended sale is expected to close by Q4 2009, subject to regulatory and other customary approvals and notifications.

According to the company, Stamicarbon, founded in 1947, is the world market leader in licensing urea technology with over 250 licensed urea plants located in over eighty different countries and a leading market share in new capacity. Stamicarbon realized net sales of EUR 57 million in 2008 and an operating profit of EUR 25 million. In 2008 Stamicarbon's operating profit was exceptionally high as a result of a number of large contracts closed during the year. The average operating profit for Stamicarbon has been approximately EUR 10 million per year over the past four years.

Stamicarbon employs about 50 people in urea licensing, almost all of which are engineers and technical staff. Stamicarbon licenses patented technology and proprietary know-how to existing and prospective urea producers. Its non-urea licensing portfolio has been transferred to a new entity, Knowfort Technologies B.V., and is not part of the intended sale or the 2008 results of Stamicarbon.

Nico Gerardu, member of the Managing Board of Royal DSM, gave the following comment: "The intended sale of the urea-licensing business is an important step in DSM's accelerated transformation towards a Life Sciences and Materials Sciences company. I am convinced that urea licensing has a much better strategic fit with Maire Tecnimont, a leader in project management and contracting. I would like to thank all Stamicarbon employees for their continued support and substantial contribution."

https://www.chemeurope.com/en/news/104083/dsm-to-sell-urea-licensing-business-to-maire-tecnimont.html