Evonik to sell chemical unit AlzChem to buyout firm Bluo

28 September 2009 17:28  [Source: ICIS news]

LONDON (ICIS news)--Evonik is set to sell its specialty chemicals unit AlzChem to German buyout group Bluo, the Germany-based diversified specialty chemicals major said on Monday.

Differences between AlzChem's and Evonik's core businesses were cited as the reason for the sale, an Evonik spokeswoman said.

Before a sale is finalised, Germany's cartel office and Evonik's board must accept the purchase conditions, the spokeswoman said.

A timeframe for the deal has not yet been agreed, she added.

Bluo and AlzChem were unavailable for immediate comment.

Evonik recently denied a report that it was planning to sell its power production and real estate divisions to focus on its specialty chemicals business.

In July, Evonik said it was performing a portfolio analysis of all of its activities with the support of investment bank JP Morgan.

AlzChem, based in Trostberg, in southeastern Bavaria, is focused on NCN chemicals, which are products with typical nitrogen-carbon-nitrogen bonds that have applications in agriculture, chemicals and active pharmaceutical ingredients.

For more on Evonik visit ICIS company intelligence
Please visit the complete
ICIS plants and projects database
To discuss issues facing the chemical industry visit
ICIS connect

By: Franco Capaldo
+44 (0)20 8652 3214

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly

Get access to breaking chemical news as it happens.
ICIS Global Petrochemical Index (IPEX)
ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index