Egyptian group Orascom Construction Industries (OCI) is to buy two Dutch companies for €310 million ($418 million) to expand its fertilizer business, Orascom said on Tuesday.
“The acquisition of DSM Agro and DSM Melamine fits perfectly in our strategy to become among the global leaders in fertilizer production and distribution,” OCI chief executive Nassef Sawiris said in a statement.
The two firms, DSM Agro and DSM Melamine, employ a total of 779 people.
DSM Agro is a producer of ammonia and high-nitrogen fertilizers for grasslands and agricultural crops and the market leader in the Netherlands.
DSM Melamine is the world’s largest producer of melamine, which is used mainly in wood-based panels and laminates used for furniture and flooring.