Evonik sell carbon black business excess € 900 million

Evonik to sell carbon black business for excess of € 900 million

11:32 AM, 19th April 2011
Evonik to sell carbon black business for excess of € 900 million
Dr Klaus Engel, Chairman of the Executive Board and CEO, Evonik Industries AG.

 

The sale to Rhône Capital will open new growth prospects for carbon black business, informed the company.

ESSEN, GERMANY: Evonik Industries recently signed an agreement with affiliates of Rhône Capital LLC to sell its carbon black business. The transaction is valued in excess of € 900 million including the assumption of certain obligations. The closing is subject to approvals and is expected during summer 2011.

“With the sale of our carbon black activities to Rhône Capital, we believe that their further development potential is highly promising. The transaction is good for Evonik, the future of the carbon black business and its employees. At the same time, this represents another major step toward a more clear-cut profile for Evonik as a leading specialty chemicals company when it goes public,” said Dr Klaus Engel, Chairman of the Executive Board and CEO, Evonik Industries AG.

The group’s carbon black activities comprise 16 production facilities in eleven countries. Evonik carbon black is the global number three in this market. Carbon Black is being acquired intact as a whole, with its 1,650 employees, about 500 of whom are based in Germany. After carefully analyzing its strategic options, Evonik’s executive board decided in early September of 2010 to exit the carbon black business. The sale process commenced in November 2010.

(C) WOC News

 

0 Comments

Login

Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News


Lubrizol CEO expects to work ‘several more years’ under Buffett

  NEW YORK, US: Lubrizol Corp, the engine- additives maker selling itself to Warren Buffett’s Berkshire Hathaway Inc, said James Hamb ...

Read more
Aditya Birla acquires Swedish-Domsjö Fabriker for $ 340 million

  MUMBAI, INDIA: Aditya Birla Group announced it has acquired Domsjö Fabriker, a leading Swedish speciality pulp and bio-refinery company, ...

Read more
Aditya Birla acquires Swedish-based Domsjö Fabriker for $ 340 million

MUMBAI, INDIA: Aditya Birla Group announced it has acquired Domsjö Fabriker, a leading Swedish speciality pulp and bio-refinery company, throug ...

Read more
BP and Rosneft extend share swap deadline

  LONDON, UNITED KINGDOM: BP announced it has agreed with Rosneft to extend the deadline for completing the share swap agreement (previously ann ...

Read more
Toray to manufacture surface protection film in Taiwan

  The company will begin mass production in 2013 in response to the rising demand for LCD TV. TOKYO, JAPAN: Toray Advanced Film Co Ltd (TAF) an ...

Read more
New spin on graphene makes it magnetic

  MANCHESTER,UNITED KINGDOM: A team led by Professor Andre Geim, a recipient of the 2010 Nobel prize for graphene, can now show that electric cu ...

Read more