Pharma Industry
Industry: Email Alert RSS FeedOM Group & Ferro to Buy [dmc.sup.2] In $1.08 Billion Cash Transaction.(Brief Article)(Statistical Data Included)
Chemical Market Reporter, April, 2001 by LERNER, IVAN
IN THE FIRST billion-dollar specialty chemical acquisition of the year involving US buyers, GM Group Inc. and Ferro Corp., both based in Cleveland, Ohio, will buy separate parts of Degussa Metals Catalysts Cerdec ([dmc.sup.2]), significantly boosting their presence in key specialty areas. The Hanau, Germany-based [dmc.sup.2] is being acquired by OM for [epsilon]1.2 billion ($1.08 billion) in cash.
Dusseldorf, Germany-based Degussa AG, [dmc.sup.2]'s parent company, says the transaction amounts to about [epsilon]1.7 billion if off-balance-sheet precious metals leases are included. [dmc.sup.2] had sales of [epsilon]700 million ($628.4 million) in 2000. OM and Ferro "wanted to have a joint buyer arrangement but it appears as if it was easier for [Degussa...
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