Germany's Evonik sells AlzChem Group to BluO for €78.5m

27 October 2009 15:33  [Source: ICIS news]

LONDON (ICIS news)--Evonik Industries has sold its specialty chemicals unit AlzChem to buyout group BluO, the Germany-based diversified specialty chemicals major said on Tuesday.

Evonik finalised the sale on for a cash sale price of €78.5m ($116.3m), less debts, after it was approved by the boards and the relevant antitrust authorities.

The sale covers the entire AlzChem Group, which will remain headquartered in Trostberg in southeastern Bavaria, and its companies in Germany and the US.

BluO will continue AlzChem’s current corporate strategy and said it would not call for any layoffs until the end of 2011 or close any site in the next five years.

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

($1 = €0.67)

For more on Evonik visit ICIS company intelligence
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By: Franco Capaldo
+44 (0)20 8652 3214

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