Covestro finally completes acquisition of DSM Additive Manufacturing

Among the mergers and acquisitions that were expected to be completed in 2021, there was the acquisition of DSM by Covestro. The purchase intention had been announced in October 2020 for an Equity Value of €1.6 billion and has been confirmed on April 1st – yes it was not an April fool.

With DSM onboard, Covestro expands its portfolio of resins & functional materials. Integrating DSM’s Resins & Functional Materials business (RFM) will expand the Covestro Group’s revenues by around EUR 1 billion and will add more than 20 sites to its global production network.

The acquisition of RFM significantly contributes to the implementation of our new Group strategy. With this transaction, we are taking another important step towards sustainability, while at the same time generating sustainable growth,” said Dr. Markus Steilemann, CEO of Covestro. “We are looking forward to meeting our new colleagues and warmly welcoming them to Covestro.”

Acknowledged for the development and commercialization of water-based polyurethane dispersions, the acquisition of RFM adds a complete range of water-based polyacrylate resins, as well as strong brands in terms of sustainability such as Niaga®, solutions for additive manufacturing, and an advanced solar coatings business. In addition, Covestro is enhancing its technology portfolio to include water-based hybrid technologies, powder coating resins as well as radiation curing resins.

Sucheta Govil, Chief Commercial Officer at Covestro: “With this transaction, we are strengthening our extensive portfolio with further innovative products and technologies that will enable us to meet our customers’ needs in optimal fashion. Now our focus is on integrating the teams, leveraging talent and providing the best possible support for our new and existing customers.

Following a comprehensive analysis, Covestro expects permanent (“run-rate”) synergy effects to build-up to about EUR 120 million per annum from full integration by 2025. These consist of approximately two-thirds of cost and one-third of revenue synergies.

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