Avient Corp to buy DSM business unit for $1.5 bln (updated)
20/04/2022 07:20
(Adds details from DSM's and Avient's statements, background)
April 20 (Reuters) - Specialized polymer materials maker
Avient Corp AVNT.N said on Wednesday it has entered into an
agreement with DSM DSMN.AS to buy its material division for
$1.48 billion.
The proposed sale of DSM's Protective Materials business
comes after the Dutch specialty chemicals maker's announcement
last year about exploring an exit for the division as it aimed
at making sustainable food and health products. urn:newsml:reuters.com:*:nL1N2QG0BK
Avient's potential purchase deal includes all of DSM's
Protective Materials activities, mainly consisting of Dyneema,
DSM said in a separate statement, adding that the unit accounted
for 335 million euros ($362.34 million) of the company's total
annual net sales in 2021.
Financing for the transaction — expected to close later this
year — is being provided by Morgan Stanley and JPMorgan, Avient
said.
Avient, meanwhile, also said it plans to explore the sale of
its distribution business, but did not provide additional
details on the divestment.
($1 = 0.9246 euros)
(Reporting by Anirudh Saligrama and Mrinmay Dey in Bengaluru;
editing by Uttaresh.V)
((Mrinmay.Dey@thomsonreuters.com;))