Sale of dmc² to OM Group Now Complete
Degussa AG of Dusseldorf has now finalized the sale of the dmc² Group to the OM Group, Inc., of Cleveland, Ohio, following receipt of competition clearance from the European Commission and the US Federal Trade Commission (FTC). Obtaining this consent was the last hurdle that had to be overcome for finalization of the transaction and thus for payment of the purchase price, which has been effected in the meantime.
Degussa had already announced the sale of dmc² as part of its consistent focus on specialty chemicals in late April. Selling dmc² was the fourth and most important project tackled by Degussa in its ambitious divestment program since taking up business. In the meantime, Degussa has sold the equivalent of over 70 percent of EUR 6.5 billion, the total turnover of operations intended for divestment.
dmc² is a globally operating manufacturer of complex functional materials especially in the catalysis and metallochemistry areas, and also supplies powders and pastes made of precious metals, base metals and ceramic materials. In fiscal 2000, the corporation, which employs approx. 5,500 people all over the world, generated sales of approx. EUR 912 million (without precious metal sales) or EUR 2,552 million (without precious metal trading), and achieved earnings before interest and tax of about EUR 110 million.
The OM Group is global market leader in the area of cobalt carboxylates, cobalt, nickel specialty inorganic salts as well as cobalt and copper powders. OM products find use all over the world, for example in airbags and batteries. In fiscal 2000, the OM Group generated sales of approx. US$888 million and earnings before interest and tax of US$139 million.
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