March 4, 2019

1 Min Read
Evonik to Divest from Methacrylates Business
Image courtesy of Evonik

Specialty chemicals firm Evonik announced plans Monday to shed its Methacrylates business to private equity firm Advent International for €3 billion, or about $3.4 billion. 

“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 German company said in a press release. 

Under the terms of the deal, Advent International will acquire the Methacrylates, Acrylic Products, and CyPlus business lines, and certain methacrylate resins assets. The business operates 18 production facilities across its global footprint and employs some 3900 workers.

Proceeds from the sale will be used to support Evonik’s growth projects, the company said, including its acquisition of PeroxyChem and construction of a new polyamide 12 production facility in Germany. The move also will “strengthen its balance sheet,” according to the release.

The transaction must be approved by regulators in several countries. Evonik said it expects the sale to close in the third quarter of this year. 

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