The $630 million transaction transfers ownership of the HEM Silica facilities in North America, Europe and Asia to Evonik.
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.