Evonik flushed with funds after divestment

carbon  blackTHE successful divestment of its carbon black business means that Germany-based chemicals company Evonik has added on EUR900 million to its coffers. The new owners are investors Rhône Capital and Triton Partners and the business has been renamed as Orion Engineered Carbons.

The carbon black business generated sales of around EUR1.2 billion in fiscal 2010. The business has been acquired intact as a whole, with its approximately 1,650 employees, about 500 of whom are based in Germany.

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 in April.(PRA)