DSM successfully acquires 51% stake in AGI Corporation (Taiwan)
Heerlen, NL, 12 Jul 2011 09:15 CEST
Royal DSM N.V., the global Life Sciences and Materials Sciences company, today announces that it has successfully acquired a 51% stake in AGI Corporation of Taiwan (AGI) through a subscription for newly to be issued shares combined with a public tender offer for about €41 million in total. The acquisition was announced in December 2010 and is consistent with DSM’s strategic focus on high growth economies, sustainability, innovation and partnerships.
AGI offers a broad range of environmentally friendly UV (ultraviolet) curable resins and other products. These products are used in coatings and inks for wood, flooring, plastic and graphic arts applications. AGI reported net sales in 2010 of NTD 4,050 million (approximately €97 million). AGI continues to be listed on the emerging companies board of the GreTai Securities Market in Taipei. DSM will consolidate AGI in its financial statements.
Dimitri de Vreeze, President of DSM Resins & Functional Materials, commented: “The acquisition of 51% of AGI allows DSM to strengthen its UV resins technology platform. UV curing is environmentally friendly and the winning technology for the future. UV coatings and ink systems have a low eco-footprint in combination with high-performance low total operational costs. This expansion in UV coatings and ink system markets will allow DSM to realize its ambition to become the global leader in sustainable and innovative resins, the key ingredients of paints and inks. We look forward to working with AGI and its shareholders, management and employees.”
Bill Chung, Chairman of AGI Corporation said: “We are looking forward to work with DSM to provide better services to the market and grow the UV business together. DSM and AGI share the same dream of being a leading UV player fulfilling the needs of our customers with a winning and innovative technology toolbox. Via this strategic alliance strong momentum will be created to realize this dream. AGI is a strong Asian company and has in depth knowledge about the high growth economies in this part of the world. This combined with DSM’s global market know how and asset infrastructure creates a unique combination. Being complementary to each other, we are confident that DSM-AGI is going to generate a compelling, and high-potential future for AGI’s customers, shareholders and employees.”