| DSM sells pharmaceutical production site in Michigan (USA) to Albemarle
Wednesday September 20, 2:29 am ET
HEERLEN, NETHERLANDS--(MARKET WIRE)--Sep 20, 2006 --
DSM Pharmaceutical Products, a Business Group of Royal DSM NV, has signed an agreement with Albemarle Corporation of Baton Rouge (Louisiana-USA) regarding the sale of the assets and business associated with DSM's pharmaceutical production site in South Haven (Michigan - USA). Terms of the deal, which is targeted for closing September 30, 2006, have not been disclosed. This transaction will for DSM lead to a small book profit.
In December of last year DSM decided on exit by closure or divestment of the South Haven site, which is focused on the production of generic active pharmaceutical ingredients. The divestiture of the South Haven site is an integral part of DSM Pharmaceutical Products' asset base restructuring, as mentioned in DSM's Vision 2010.
"We are very pleased that through the transaction with Albemarle we have been able to secure the future of the site and to safeguard the employment of more than 100 of our people in South Haven", says Leendert Staal, President of DSM Pharmaceutical Products.
Source: DSM N.V.
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