China's Sinochem Group will take a 50 percent stake in an anti-invectives unit of Netherland's DSM for 210 million euros ($279 million) in cash, 21st Century Business Herald reported Thursday.
"China has become the fastest-growth economy," said DSM CEO Feike Sijbesma. The group's sales in China are currently $1.6 billion and the number is expected to exceed $3 billion by 2015. The group plans to invest $1 billion in this strategic period.
"The forming of this global joint venture is momentous for Sinochem with respect to its effort to build up its presence in the biotech industry," Sinochem Group Vice President Pan Zhengyi was quoted as saying in a statement.
