Dutch pharma group DSM to sell materials arm for 1.6 bn euros

Dutch pharmaceutical group DSM said Wednesday it will sell its resins and materials arm to leading German polymer maker Covestro for 1.6 billion euros.

The business units sold by DSM, based in the southeastern Dutch city of Heerlen, include paint and car coatings components plus materials for 3D printing.

“The proposed transaction is another step forward in DSM’s evolution as a purpose-led, science-based company operating in the fields of nutrition, health and sustainable living,” the group said in a statement.

The deal will also see around 1,850 employees — 700 of whom are based in the Netherlands — being transferred to Covestro, Dutch news agency ANP reported.

DSM employs around 23,000 people globally.