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April 20 (Reuters) – Specialized polymer resources maker Avient Corp (AVNT.N) claimed on Wednesday it has entered into an arrangement with DSM (DSMN.AS) to purchase its material division for $1.48 billion.
The proposed sale of DSM’s Protective Supplies business will come right after the Dutch specialty substances maker’s announcement past year about exploring an exit for the division as it aimed at earning sustainable food stuff and health items.
Avient’s probable obtain offer contains all of DSM’s Protective Supplies pursuits, generally consisting of Dyneema, DSM said in a different statement, introducing that the device accounted for 335 million euros ($362.34 million) of the firm’s total yearly web product sales in 2021.
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Funding for the transaction — predicted to shut later this year — is becoming offered by Morgan Stanley and JPMorgan, Avient stated.
Avient, meanwhile, also reported it plans to discover the sale of its distribution business, but did not provide additional details on the divestment.
($1 = .9246 euros)
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Reporting by Anirudh Saligrama and Mrinmay Dey in Bengaluru modifying by Uttaresh.V
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