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 for a total
consideration of EUR 38 million on a cash and debt-free basis. 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 urea
technology with 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.
Stamicarbon employs about 50 people in urea licensing, almost all of which are
engineers and technical staff. Stamicarbon licenses patented technology and
proprietary know-how to existing and prospective urea producers. Its non-urea
licensing portfolio has been transferred to a new entity, Knowfort
Technologies B.V., and is not part of the intended sale or the 2008 results of
Stamicarbon.
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 divestment process for DSM Elastomers, DSM Agro and DSM Melamine is
underway. As reported earlier, DSM has slowed down the process in view of the
current financial and economic environment but still aims to complete the
disposals within the timeframe of its Vision 2010 strategy.
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. One day before the closing, all employees
in urea-licensing will be transferred to Stamicarbon B.V., the company to be
acquired by Maire Tecnimont, in accordance with Dutch regulations.
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.
