DSM has completed the merger of its caprolactam, acrylonitrile and composite resins businesses into a new joint venture with private equity group CVC Capital Partners. The new company known as Chemical Invest is comprised of the Dutch chemical group’s Polymer Intermediates and Composite Resins business units carved out earlier to facilitate the merger.

CVC will own 65% and DSM 35% of the joint venture.

Announced in March of this year, the transaction was said to have an enterprise value of €600 million. Altogether, the production units concerned had pro forma third party sales of €2.1 billion and EBITDA of €106m in 2014.

Along with its global caprolactam activities in Europe and North America, DSM is contributing its 60% stake in DSM Nanjing Chemical Company (DNCC) in China – a joint venture with state-owned chemical conglomerate Sinopec and a Chinese private investor – as well as the related licensing business.

A second Chinese jv with Sinopec, Jinling DSM Resins (JDR), is also part of the as well as it’s the Dutch group’s 65% stake in Sitech Services, which operates its Chemelot Industrial Park at Sittard-Geleen.

CVC has bought and sold stakes in several international chemical industry players s in recent years. It currently owns stakes in including Evonik and Univar.