“I am excited at the opportunities that lie ahead for Evonik,” CEO Christian Kullmann told analysts and investors at a strategy update in London. “We will enhance value creation for our stakeholders by sharpening our focus on specialty chemicals, driving innovation and encouraging a trustful corporate culture of measured risk-taking.”
With the help of these three levers, Evonik aims to grow sales volumes faster than global GDP. At the same time the company plans to lift its adjusted EBITDA margin into a sustainably higher range of 18% to 20%, from a historic range of around 16% to 18%.
“We want to focus more strongly on businesses with a clear specialty chemicals character,” said Kullmann. “Going forward our portfolio will have a higher share of growth businesses.”
The company has identified four areas – specialty additives, animal nutrition, smart materials and health care - that have above-average growth and margin potential. These will be the focus of capital allocation.
The new four-member management board will form an aligned team with complementing strengths. Along with Kullmann, Harald Schwager will be joining Evonik on Sept. 1 as the new deputy chairman of the executive board with responsibility for chemicals and innovation. Ute Wolf and Thomas Wessel will continue in their roles as CFO and chief human resources officer, respectively.