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Evonik offloads plastics unit to focus on core growth areas like animal nutrition

By Jane Byrne contact

- Last updated on GMT

© GettyImages
© GettyImages
German chemicals group, Evonik, has agreed to divest its methacrylates plastics unit to Advent International for €3bn (US $3.4bn).

The deal comes one year on from its decision to sell the business.

Evonik said back in March 2018 that it was looking to focus on faster-growing sectors, one such being feed additives.

“Our growth engines are health and care, smart materials, specialty additives and animal nutrition. They have above-average growth and low cyclical exposure. The methacrylates business, which is part of the performance materials segment, is outside Evonik's defined growth areas.”

The transaction is subject to approval by the authorities in several countries and is expected to close in the third quarter of this year, said the company.

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