European Commission clears sale of Evonik's carbon black business

19 July 2011 17:08  [Source: ICIS news]

LONDON (ICIS)--The acquisition of Evonik’s carbon black business by private equity firms Rhone Capital and Triton can go ahead the European Commission (EC), said on Tuesday.

The €900m ($1.27bn) deal will not significantly change the structure of the carbon black market or impede effective competition, it added in a statement.

“The transaction is good for Evonik, the future of the carbon black business and its employees,” CEO Klaus Engel said in April this year when the sale was announced.

“At the same time, this represents another major step toward a more clear-cut profile for Evonik as a leading specialty chemicals company when it goes public,” he added.

The German specialty chemicals major, which is based in Essen, said last September it would exit the carbon black business and look for a buyer.

Rhone Capital is US-based while Triton is headquartered in Jersey, UK.

Carbon black is mainly used as a reinforcing filler in the rubber industry, for tyres and industrial rubber goods, and as a pigment in plastics, inks and specialty coatings.

($1 = €0.71)

For more on Evonik visit ICIS company intelligence

By: Graeme Paterson
+44 20 8652 3214

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