Vienna — Austrian energy company OMV Group is in the second phase of the competitive bidding process at Royal DSM for the sale of its engineering materials operations.
DSM disclosed plans to sell the unit in September and has since carved out the business to form DSM Engineering Materials BV.
The division portfolio includes engineering materials, with products such as thermoplastic elastomers, nylon and specialty polyesters.
In a May 6 statement, OMV said the potential acquisition of the DSM business would allow it to expand its chemical portfolio beyond polyolefins.
OMV expanded its presence in the chemicals industry in 2020 after increasing its ownership stake in Vienna-based Borealis to 75 percent from 36 percent.
Borealis chiefly manufactures polyolefins for the plastics industry but also produces plastomers and elastomers under the brand Queo, using its proprietary Borceed technology.