DSM Sells Solar Business to Worthen Industries
DSM is selling its Advanced Solar business in backsheet products for solar modules to Worthen Industries, a US-based chemical and technology manufacturer of industrial adhesives & coatings, extruded films and coated substrates. Financial terms of the deal were not disclosed.
The divestment follows the sale of DSM Advanced Solar’s coatings business to Covestro, agreed last September as part of a wider transaction worth €1.6 billion that comprised the resins and functional materials business, including DSM Niaga and DSM Additive Manufacturing.
The agreement with Worthen Industries will create a global business that benefits from complementary innovation and enhanced production capability, said DSM.
“The acquisition of DSM’s business in backsheets and conductive backsheets, along with its excellent team, is a strong next step in Worthen’s strategy to serve the global photovoltaic industry with sustainable, high-performance solutions that are VOC-free, zero-waste, and 100% recyclable,” said Worthen Industries CEO David Worthen. “This is a great combination of shared values and complementary expertise which will accelerate our ability to support the world’s transition to clean energy.”
The transaction, which is expected to close mid-2021, is part of DSM’s ongoing transformation to become a “purpose-led, science-based company operating in the fields of nutrition, health and sustainable living.”
Author: Elaine Burridge, Freelance Journalist
