Chemicals company Evonik says that it has signed an agreement to sell its methacrylates business to private equity firm Advent International for €3 billion. Methacrylates are common monomers in polymer plastics, and Evonik’s methacrylates business has 18 production sites and 3,900 employees worldwide. From 2016 to 2018, the business generated an average annual EBITDA of about €350 million and sales of about €1.8 billion per year.
The transaction includes the company’s methacrylates, acrylic products and CyPlus business lines, and some of its methacrylate resins activities.
Evonik says that this divestment is part of its strategy of focusing on specialty chemicals, which are less cyclical.
This story uses material from Evonik, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.