— By Plasteurope.com staff — 

Up till now, we’d only ever heard of luxury renovations in the real estate sector. Now, Japanese fine chemicals manufacturer DIC (Tokyo) is demonstrating that even large, financially troubled corporations can restructure themselves through high-end redecorating. Because its second-largest shareholder, an activist US investor, is pushing for higher dividends, DIC has decided to sell off three quarters of its 400-piece art collection. The first paintings, including works by Monet, Renoir, Chagall, and Matisse, recently went under the hammer at Christie’s in London. The auction raised more than EUR 100 mn – almost as much as DIC’s net profit last year.