Evonik Sells Methacrylates Business to Advent International
ESSEN, Germany — Evonik has signed an agreement to sell its Methacrylates business to Advent International for €3 billion. The transaction is subject to approval by authorities in several countries and is expected to close in the third quarter of this year.
The Methacrylates business has 18 production sites and 3,900 employees worldwide. The transaction includes the Methacrylates, Acrylic Products and CyPlus business lines, and some of the methacrylate resins activities. Evonik put these operations on the market as part of its strategy to sharpen its focus on specialty chemicals, which are less cyclical. Private equity company Advent International is an experienced financial investor in the chemical industry with more than 30 investments over three decades.
Evonik will use the sale proceeds to strengthen its balance sheet and for targeted growth projects, including funding the purchase price of the U.S. 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.