July 29, 2009
Royal DSM N.V., the global Life Sciences and Materials
Sciences company headquartered in the Netherlands, and Maire
Tecnimont S.p.A., a leading international engineering and
construction group headquartered in Italy, announce today that
they have reached an agreement for the sale of DSM's
urea-licensing subsidiary Stamicarbon B.V. to Maire Tecnimont.
The intended sale is expected to close by Q4 2009, subject to
regulatory and other customary approvals and
notifications.
Stamicarbon, founded in 1947, is the world market leader in
licensing patented urea technology and proprietary know-how and
delivers services to existing and prospective urea producers. It
has over 250 licensed urea plants located in over eighty
different countries and a leading market share in new capacity.
Urea, mainly used as a fertilizer, is produced from ammonia and
carbon dioxide. 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.
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."
Fabrizio Di Amato, Chairman and Chief Executive Officer of
Maire Tecnimont S.p.A., stated: "This acquisition is a major
step towards achieving the objectives set out by the Group's
strategic guidelines to grow our Engineering, Procurement and
Construction services business in selected sectors of the process
plant industry. Stamicarbon will operate as a member of the Maire
Tecnimont Group, in particular alongside Tecnimont, and will
continue to generate licensing revenues and margins as a
standalone activity. Contemporaneously, we foresee that
Stamicarbon will enlarge our technology portfolio and, working
with Tecnimont, enhance our EPC business in the fertilizer sector
through synergies in the commercial, technology and operation
areas by improving process efficiency and
competitiveness."
Stamicarbon brings both excellent technical expertise and
technology on which Maire Tecnimont intends to lever its high
quality E&C business, primarily through synergies to be
realized in combining technology and EPC contracting.
In September 2007 DSM announced that as a result of the
accelerated strategic shift towards Life Sciences and Materials
Sciences, a number of businesses which do not fit in with the
strategy would be carved out and divested. Urea licensing is one
of these businesses.
The intended sale is dependent on regulatory and other customary
approvals and notifications and will be submitted to the works
councils according to the usual procedures in the Netherlands.
Maire Tecnimont
Maire Tecnimont S.p.A. is the parent company of an international
industrial group which provides a comprehensive, integrated
system of services and installations in four sectors: Chemicals
and Petrochemicals, Oil & Gas, Power, Civil Engineering and
Infrastructure. The Group has established itself thanks to
advanced skills in Project Management and Main Contracting, by
implementing complex turnkey projects all over the world,
combining high quality and planning standards with a focus on
multicultural and environmental issues. The Group, listed on the
Milan Stock Exchange, with a presence in 24 countries and 4
continents, currently controls 37 operating companies and can
rely on a workforce of 4,300 employees, more than half of whom
are outside Italy. At 31 December 2008, the Group reported
revenues of EUR 2,463 million and net income of EUR 117 million.
For more information: www.mairetecnimont.it
Stamicarbon
Stamicarbon B.V. is the global market leader in developing and
licensing urea technologies and services, delivering optimum
environmental performance, safety, reliability and productivity
at the lowest investment level. Stamicarbon's services include a
unique Full Life Cycle Support service to assist customers
throughout the life cycle of a urea plant. Working in close
cooperation with licensees, contractors, suppliers and research
institutes, the company is constantly developing new processes
and upgrading existing technologies.
DSM - the Life Sciences and Materials Sciences
Company
Royal DSM N.V. creates innovative products and services in Life
Sciences and Materials Sciences that contribute to the quality of
life. DSM's products and services are used globally in a wide
range of markets and applications, supporting a healthier, more
sustainable and more enjoyable way of life. End markets include
human and animal nutrition and health, personal care,
pharmaceuticals, automotive, coatings and paint, electrical and
electronics, life protection and housing. DSM has annual net
sales of EUR 9.3 billion and employs some 23,500 people
worldwide. The company is headquartered in the Netherlands, with
locations on five continents. DSM is listed on Euronext
Amsterdam. More information: www.dsm.com