Evonik to sell Methacrylates business to Advent International.
International Resource News-March 5, 2019--Evonik to sell Methacrylates business to Advent International
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International Resource News - 05 March 2019
Evonik, a company involved in specialty chemicals, has signed a contract to sell its Methacrylates business to Advent International.
The deal is valued at EUR3bn. It is subject to approval by the authorities in several countries and is expected to be completed in the third quarter of 2019.
The transaction includes the Methacrylates, Acrylic Products and CyPlus business lines, and some of the methacrylate resins activities. The company put these operations on the market as part of its systematic strategy of sharpening its focus on specialty chemicals, which are less cyclical. Evonik will use the sale proceeds to strengthen its balance sheet and, above all, for targeted growth projects. That includes funding the purchase price of the US company, PeroxyChem, which Evonik plans to close this year. In addition, some funds will be used to strengthen the present specialty chemicals portfolio, for example, by building a new polyamide 12 plant in Marl, Germany.
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