RAG becomes Evonik, prepares for public offering

12 September 2007 11:02  [Source: ICIS news]

LONDON (ICIS news)--RAG Beteiligungs-AG has changed its name to Evonik Industries and announced its intention to enter the capital markets in the first half of 2008, the German industrial group said on Wednesday.

 

The change of name is the last step before the company enters the market, it said in a statement.

 

“Evonik is now entering a new era in group development. We are well positioned and are looking forward to joining the capital market,” said CEO Werner Muller.

 

“Our portfolio, which consists of the chemicals, energy and real estate business areas, unites a strong substance with attractive growth potential,” he added.

 

Previous brands such as Degussa, Steag and RAG Immobilien will no longer exist. However, the coal mining operations will continue to be operated under the name RAG.

 

“Our goal is to become one of the most creative industrial groups in the world,” Muller added.

 

RAG has been preparing for a public offering since 2006. It had been planned for the second quarter of 2007 but this was postponed.  

 

Evonik Industries is a German industrial group which produces specialty chemicals, generates power from hard coal and renewable energies and is also a private residential real estate company.

By: Lucy Craymer
+44 20 8652 3214

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