The hottest Evonik sold methacrylate business for
2022-10-18- Detail
Evonik sold methacrylate business for 3 billion euros
Evonik sold methacrylate business for 3 billion euros
March 6, 2019
on March 4, local time, the German specialty chemicals company Evonik signed a contract with advance international to sell methacrylate business for 3 billion euros. The price is 8.5 times the EBITDA of this business
this transaction will include methacrylate, acrylic products, cyplus product line and some Chinese coatings for methacrylic resin business. The transaction is subject to approval by the relevant departments of several countries and is expected to be completed in the third quarter of this year
Evonik A is an effective, direct and feasible way to achieve energy conservation and emission reduction. The acrylate business has 18 production bases around the world, with 3900 employees relying on Honeywell's unique shield patented technology. From 2016 to 2018, the average annual EBITDA of this business is about 350million euros, and the annual sales is about 1.8 billion euros. Evonik expects that the sales and EBITDA of this business will remain at a similar level in 2019
10. At the end of the measurement work, Evonik said that the difference between the selling price and the net selling price (equity value) of the transaction was about 500million euros, which was mainly used for pension payment obligations. Evonik will use the proceeds from the sale to strengthen its financial position and invest in growth projects. This includes paying the consideration for the acquisition of American peroxychem, which is scheduled to be completed this year. In addition, the proceeds will also be used to enhance the existing portfolio of specialty chemicals, such as the construction of a new polyamide 12 plant in Mar, Germany. These businesses have good earnings and above average cash flow
Evonik also said that in 2019, Evonik's strong free cash flow would still be sufficient to pay dividends even if there was no cleaning income from the sale of methacrylate business. In order to implement the corporate strategy of focusing on low cyclical special chemical businesses, Evonik decided to sell these businesses
Anhong capital is one of the private investment companies with the richest investment experience in the chemical industry in the world, and has invested in more than 30 chemical projects in the past 30 years
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