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.

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



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