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03-08-2019

Private Equity Company Takes over Plexiglas Brand

Evonik Sells Methacrylates to Advent International

Evonik AG, Essen, Germany, signed an agreement to sell its Methacrylates business to Advent International plc., London, UK, for EUR 3 billion. The selling price (enterprise value) is 8.5 times the business’ EBITDA. The transaction is subject to approval by the authorities in several countries and is expected to close in the third quarter of this year.

The Methacrylates business has 18 production sites and 3900 employees worldwide. From 2016 to 2018, the business generated an average annual EBITDA of about EUR350 million and sales of about EUR1.8 billion per year. For 2019 Evonik expects sales and EBITDA at a similar level.

German Group Focuses on Specialty Chemicals

The transaction comprises the Methacrylates, which also includes the PMMA brand Plexiglas, Acrylic Products and CyPlus business lines, and some of the 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. Private equity company Advent International is one of the most experienced financial investors in the chemical industry in the world, with more than 30 investments over three decades.

The net purchase price (equity value) can be calculated after deductions, made up primarily of pension obligations of around EUR 500 million. Evonik will use the sale proceeds to strengthen its balance sheet and, above all, for targeted growth projects. That includes funding the purchase price of the US company PeroxyChem, which Evonik plans to close this year.

In addition, some funds will be used to strengthen the present specialty chemicals portfolio, for example, by building a new polyamide 12 plant in Marl, Germany. These businesses generate an attractive margin and an above-average cash flow. Also in 2019 and even without the contribution from the Methacrylates business, Evonik will be able to cover the dividend payment out of its strong free cash flow.

Additional information
  • 01-18-2019

    Powdery 3D Printing Materials

    Evonik Acquires Startup Structured Polymers

    The acquisition will provide Evonik access to the new patented technology of Structured Polymers that will allow the company to expand its portfolio of specialty polymer powders in the additive manufacturing market.   more

  • 02-15-2018

    Evonik Increases Polyamide 12 Capacity

    New Plant for Vestosint Production in Marl, Germany

    The new facility primarily produces high-performance powders for the 3D printing market, which is expanding heavily with double-digit growth rates.   more

Company profile

Evonik Industries AG

Rellinghauser Str. 1-11
DE 45128 Essen
Tel.: 0201 177-01
Fax: 0201 177-3475

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