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Lanxess, Advent to Buy DSM's Engineering Business in $4 Bln Deal

·1 min read
Lanxess, Advent to Buy DSM's Engineering Business in $4 Bln Deal
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Lanxess AG said Tuesday that it would join with private-equity firm Advent International Corp. to buy Royal DSM NV's engineering-materials business for around 3.7 billion euros ($3.99 billion) and create a new venture for high-performance plastics. The DSM engineering-materials business, which would become part of the joint venture, represents sales of around EUR1.5 billion and operating-profit margin of around 20%, Lanxess said. The German chemical company said it would also transfer its own high-performance materials business into the joint venture, and receive EUR1.1 billion initially and a stake of up to 40% in the new business.