By Steve Toloken

 

Royal DSM NV is selling its Euroresins unit, which distributes composite resins, to United Kingdom-based Cathay Investments, a holding company with businesses in composites, chemical distribution and trading.

 

DSM said the divestment is part of a series of "strategic actions" it is taking in its composites resins unit, which has factories in China, France, Italy and the Netherlands, and generated 250 million euros ($300 million) in sales in the first nine months of the year.

 

DSM, which is based in Heerlen, the Netherlands, said Euroresins has annual sales of about 90 million euros ($108 million), with 70 employees.

 

The companies said in a Dec. 23 announcement that they expect the deal to be completed in the first quarter. DSM declined to disclose financial details.

 

Cathay Investments is based in Surrey, U.K. Its principal trading business is Cathay Composites, which distributes glass fiber, resins and other composite materials throughout the UK and Scandinavia.

 

Euroresins distributes composite resins in nine countries in Europe, including the United Kingdom, Italy and France.