Germany: Evonik Industries is acquiring the Performance Materials Division of Air Products and Chemicals for US$3.8bn. The products it is acquiring from Air Products include ingredients for insulation foams, sun lotion and paint as well as additives to harden aircraft and marine coatings. The transaction is intended to be completed by the end of 2016 subject to approval from relevant competition authorities.
“Evonik is already one of the leading producers of specialty & coating additives. Air Products’ Specialty & Coating Additives business perfectly complements this fast-growing segment. With this acquisition we are expanding our portfolio with precisely the right markets, products and innovations and continuing to invest in our growth and profitability,” said Klaus Engel, chief executive officer of Evonik Industries.
Air Products’ specialty and coating additives business will be integrated into the Nutrition & Care and Resource Efficiency segments of Evonik. The acquisition will also give Evonik a greater presence in North America, diversifying its markets outside of Europe. It also expects to generate savings of up to US$80m/year from the deal by 2020.
