HOUSTON (ICIS)--Evonik has agreed to sell its methacrylates business to US-based private equity firm Advent International for €3bn, the Germany-based specialty chemicals company announced on Monday.
Expected to close in the third quarter, the transaction includes the Methacrylates, Acrylic Products and CyPlus business lines, as well as some methacrylate resins activities.
“Evonik put these operations on the market as part of its systematic strategy of sharpening its focus on specialty chemicals, which are less cyclical,” the producer said.
The methacrylates business has 18 production sites and 3,900 employees worldwide. It generated an average annual earnings before interest, taxes, depreciation and amortisation (EBITDA) of about €350m and sales of about €1.8bn/year in 2016-2018 and expects similar levels for 2019.
Evonik will use some sale proceeds for growth projects, including funding the acquisition of US-based PeroxyChem, which is expected to close this year. It will also use some funds to strengthen its specialty chemicals portfolio, including building a new polyamide 12 plant in Marl, Germany.
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