Evonik focuses on chems by splitting off energy and real estate

17 December 2009 12:05  [Source: ICIS news]

Evonik to focus on specialty chemicalsLONDON (ICIS news)--Evonik will focus its future development on specialty chemicals, with its energy and real estate businesses managed as independent subsidiaries, it said on Thursday.

"The Executive Board of Evonik Industries AG has paved the way for a new growth phase. As part of its new strategic focus, in the coming years it will be driving forward the development of Evonik from a conglomerate to a leading global specialty chemicals company," the German group said in a statement.

The company said it was looking for one or more partners to invest in its energy sector, to either take a stake in the overall business or to invest in specific projects.

Evonik said it would merge its real estate business with THS, a German apartment rental firm, in which it holds a 50% stake.

The company said negotiations had begun with the German Mining, Chemical and Energy Union (IG BCE) with the mid-term aim to place the new real estate company on the capital market as an independent player.

"Evonik anticipates that future growth opportunities will be created predominantly by the following global megatrends: resource efficiency, health and nutrition, and the globalization of technologies," the company said.

"The supervisory board has given its go-ahead for us to drive forward the Evonik Group in the next years on the basis of these strategic principles," it added.

To discuss issues facing the chemical industry visit ICIS connect
For more on Evonik visit
ICIS company intelligence

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