The Methacrylates business has 15 production sites and 3,900 employees worldwide. From 2016 to 2018, the business generated an average annual EBITDA of approximately €350 million and sales of approximately €1.8 billion per year.
“The sale is a further step in aligning our portfolio towards specialty chemicals and becoming less dependent on economic cycles,” said Christian Kullmann, chairman of the Evonik Executive Board. “As the first half of 2019 has shown, our portfolio is now more robust in the face of macroeconomic trends than it was in the past.”
The enterprise value of €3 billion is the equivalent of 8.5 times the EBITDA of the divested business. Evonik plans to use the proceeds from the transaction to strengthen its balance sheet and for the targeted expansion of its specialty chemicals portfolio.