The J.M. Huber Corp. has completed the sale of the Silica business unit of Huber Engineered Materials (HEM) to Evonik Industries AG. The $630 million transaction transfers ownership of the HEM Silica facilities in North America, Europe and Asia to Evonik.
Proceeds from the sale will reportedly enable Huber to invest and expand its product portfolio in other areas, including potential future acquisitions of specialty chemicals or materials businesses. For Evonik, combining the two silica businesses will further improve the company’s position to serve a broader base of customer needs, particularly in North America and Asia.
“The strength of our Huber Silica business was built, in part, from the collaborative spirit of our silica employees, who adhere to best practices in environment, health, safety and sustainability, ethical behavior, respect for people and operational excellence. These guiding principles at Huber are the foundation of our company culture and ability to deliver superb value for our customers,” said Mike Marberry, president and CEO. “We thank our Silica employees and know their talents and expertise will be highly valued by Evonik.”
Huber reportedly plans to continue to serve its HEM customers who use other non-silica materials such as ground calcium carbonate and fire retardant additives across a broad range of applications.