As part of our strategic transformation and move away from more commoditized and cyclical areas, we established the joint ventures of DSM Sinochem Pharmaceuticals in 2011, active in anti-infectives, and ChemicaInvest in 2015, active in polymer intermediates and composite resins.

The results of these joint ventures are reported under 'Share of profit of associates and joint ventures' and 'Other results related to associates and joint ventures' in the Consolidated financial statements. See also Note 10 of the Consolidated financial statements.

These joint ventures were created with the intention of ultimately exiting these businesses over time and maximizing value.

DSM Sinochem Pharmaceuticals

DSM Sinochem Pharmaceuticals (DSP) was formed in 2011 as a 50:50 joint venture between DSM and Sinochem Group. DSP is the global leader in sustainable antibiotics, next-generation statins and anti-fungals. On 31 October 2018, we divested our stake in DSP to Bain Capital, a leading private equity firm. We received €247 million for our equity stake, excluding an earn-out estimated at approximately €36 million and transaction related costs. This resulted in a book profit of €109 million on the transaction. We received €271 million in cash following closing, including repayment of debt and after transaction costs.


ChemicaInvest, formed in 2015, is a global leader in the production and supply of caprolactam (Fibrant) and a leading European supplier of acrylonitrile (AnQore) and composite resins (Aliancys). At the joint venture's formation, we had a 35% shareholding in the company and CVC Capital Partners owned 65%.

On 1 August 2018, Aliancys combined its operations with AOC, a leading US-based producer and marketer of composite resins, to form AOC Aliancys.

On 30 October 2018, Fibrant Holding B.V. completed the sale of Fibrant B.V. and 60% of the shares of Fibrant China to the Highsun Holdings Group Ltd. DSM anticipates receiving about €200 million in cash related to this transaction, of which €120 million was received in 2018.

As a result of the restructuring and divestment of the Fibrant business by ChemicaInvest, we now have a 35% direct share in the acrylonitrile business of AnQore and a 18.9% share in the combined composite resins business of AOC Aliancys.