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Second step in divestment of Performance Materials, with the purchase price in the low triple-digit million euro range.
March 5, 2024
By: DAVID SAVASTANO
Editor, Ink World Magazine
Evonik is selling its superabsorbents business to International Chemical Investors Group (ICIG). The purchase price is in the low triple-digit million euro range, and includes the assumption of pension obligations by ICIG. The final transfer of the business is planned for mid-2024 following approval by the relevant competition authorities. “In terms of its profile, the superabsorbents business no longer fits our character as a specialty chemicals company,” said Christian Kullmann, CEO of Evonik. “We have sought and found a reliable investor for it. Our company is thus taking the second step in the divestment of our Performance Materials Division.” With more than 6,200 employees, ICIG generates annual sales of more than €4.6 billion. ICIG has expertise in the development of sites and business units that are no longer part of the core business at corporate groups. In April 2023, ICIG acquired the Luelsdorf site and associated businesses in Wesseling from Evonik and announced investments there. “With its high technological quality as a new platform within ICIG, the Superabsorbents business will offer our group new opportunities for further growth,” says Dr. Achim Riemann, chairman of the Supervisory Board of ICIG. Like the superabsorbent business, the site previously belonged to the Performance Materials Division. Its third part are chemicals from the C4 chain, a business that is also up for sale. Superabsorbents are powdered polymers used as absorbent materials in diapers and other hygiene products. The business to be sold generated sales of €892 million in 2023, with adjusted EBITDA in the mid double-digit million euro range. ICIG is taking over the entire business with approximately 1,000 employees and superabsorber production facilities in Krefeld and Rheinmuenster, Germany, as well as two locations in the U.S. in Greensboro, NC, and Garyville, LA. The business also includes plants in Marl, Germany, for production of acrylic acid, the most important raw material for superabsorbents.
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