Royal DSM (Heerlen, The Netherlands) announced on Dec. 23 that it has reached agreement with Cathay Investments (Sutton, Surrey, UK) for the sale of Euroresins. Subject to customary approvals and notifications, the transaction is expected to close in first quarter 2015. Financial details were not disclosed.
Euroresins is a distributor of products to the composite resins industry with activities in nine countries in Europe, including the United Kingdom, Italy and France. Euroresins realizes sales of approximately €90 million with around 70 employees. All employees will on the closing date transfer to the new owner.
The sale of Euroresins is in line with the strategic actions DSM is pursuing for Composite Resins, as announced in November 2014.
Cathay Investments is the UK holding company for a group of companies engaged in chemical distribution and trading. Cathay’s principal trading business is Cathay Composites, which distributes glass fiber, resins and other composite materials throughout the UK and Scandinavia. Since its establishment Cathay has grown its portfolio to six companies.