GERMAN chemicals conglomerate Evonik will sell its carbon black unit to US financial investor Rhone Capital, in line with its step to ready itself for a public flotation within the next 15 months. The transaction is valued at over US$1.3 billion, including debt.
The group’s carbon black business, which comprises 16 production facilities in 11 countries, achieved sales of EUR1.2 billion in 2010. The unit is being acquired intact as a whole including its 1,650 employees, some 500 of whom are based in Germany.
“This represents another major step toward a more clear-cut profile for Evonik as a leading speciality chemicals company when it goes public,” Chief Executive Klaus Engel said in a statement. Evonik is majority owned by a government-controlled trust. Private equity firm CVC Capital Partners bought a 25% stake in Evonik in 2008.