Evonik Closes Sale of Methacrylates Business, Hits FTC Roadblock on PeroxyChem Acquisition
Evonik has closed the sale of its Methacrylates business to Advent International, but the Federal Trade Commission will seek to block its proposed acquisition of PeroxyChem.
Evonik recently announced that it has closed the sale of its Methacrylates business to Advent International for €3 billion (approximately $3.3 billion). The official closing of the transaction took place on July 31, following the signing of the purchase agreement earlier this year. The relevant anti-trust authorities had already granted their unrestricted approval.
The Methacrylates business has 15 production sites and 3,900 employees worldwide. From 2016-2018, the business generated an average annual EBITDA of about €350 million (~ $389.5 million) and sales of about €1.8 billion (~ $2 billion) per year. Evonik reports that it will use the proceeds from the transaction to strengthen its balance sheet and for the targeted expansion of its specialty chemicals portfolio.