Evonik completes sale of carbon black business

ERJ staff report (LMH)

Essen, Germany - Evonik Industries completed the divestment of its carbon black activities on 29 July 2011, the company said in a 1 Aug announcement.

The new owners are investors Rhône Capital and Triton Partners. Evonik said the transaction is valued at over Euro 900 million.

The carbon black business, which Evonik said generated sales of around Euro 1.2 billion in 2010, has been acquired as a whole including its roughly 1650 employees, about 500 of whom are based in Germany.

Evonik Carbon Black was renamed upon transfer and now operates as Orion Engineered Carbons.

“This divestment shows that Evonik is continuing to focus systematically on its core specialty chemicals business. At the same time, we are pleased to transfer the carbon black business to a new owner who is able to realize promising growth perspectives,” commented Klaus Engel, board chairman of Evonik Industries.

Orion Engineered Carbons CEO Jack Clem said that the acquisition offers the business to reach its full potential with investments in technology and people.

Following careful analysis of the strategic options, in September 2010 Evonik's Executive Board decided to exit the carbon blacks business completely. The divestment process started in November 2010 and the contracts were signed on 16 April 2011.

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Press release from Evonik Industries