Air Products to Sell Performance Materials Division to Evonik
The sale is expected to close before the end of 2016.
Air Products recently announced it has signed a definitive agreement to sell the Performance Materials Division (PMD) of its Materials Technologies segment to Evonik Industries AG for $3.8 billion in cash.
Under the terms of the agreement, operational facilities, supplier contracts, labs, contracts, customers, and employees and certain legal entities associated with PMD would transfer to Evonik. Evonik reportedly intends to continue to run PMD from Allentown, Pa. The sale is expected to close before the end of 2016.