ESSEN, Germany - Evonik Industries AG is acquiring the Specialty & Coating Additives business (Performance Materials Division) of Air Products and Chemicals Inc. for $3.8 billion, strengthening its position in the specialty and coating additives market. The transaction is expected to be completed by the end of the year. Air Products’ Specialty & Coating Additives business will be integrated into the company’s Nutrition & Care and Resource Efficiency segments. The planned acquisition remains subject to formal approvals from the relevant antitrust authorities.
Klaus Engel, CEO of Evonik Industries AG, said, "Evonik is already one of the leading producers of specialty and coating additives. Air Products’ Specialty & Coating Additives business perfectly complements this fast-growing segment. With this acquisition we are expanding our portfolio with precisely the right markets, products and innovations and continuing to invest in our growth and profitability."
The two businesses serve three particularly attractive, rapidly growing core markets: coating and adhesive additives, high-value PU foam additives, and specialty surfactants for industrial and institutional cleaning. They target the same end customers, but with different and complementary products. For instance, Evonik is a leader in PU foam stabilizers while the Specialty & Coating Additives business of Air Products is well positioned in PU foam catalysts.
Geographically, Evonik and the acquired division also complement each other. While the focus of the Air Products’ business is on North America and Asia, Evonik is particularly strong in Europe. With the current acquisition, Evonik is boosting its standing in the North American market. At the same time, by growing in North America and Asia, Evonik is reducing its dependence on the European market.