BRAND-NEW
Evonik successfully completes acquisition of Air Products specialty additives business “We are well prepared to ensure a smooth vonik Industries AG has completed in the amount of € 10 to 20 million in the business transition and a successful the activities to acquire the specialty year 2017. integration. To this end, we have worked additives business (Performance The acquisition is expected to increase intensively with Air Products over the past Materials Division) of the US company Air the adjusted earnings per share (EPS) of few months to develop integration plans,” Products, Inc. for US$3.8 billion (approx. Evonik in the 2017 business year. confirmed Ralph Sven Kaufmann, Chief € 3.5 billion) by the end of the year as Since the transaction is partly structured Operating Officer and Executive Board planned. The closing took place on January as an asset deal, it will lead to tax benefits member responsible for the integration. 03, 2017 (Fig. 1). All relevant antitrust as a consequence of write-offs which authorities have are typical for approved the transactions transaction and the of this nature. integration of the These benefits acquired business amount to a is underway. The net present transaction financing value of more was completed than US$500 successfully in million, which September and can be used will consist of the on a prorated company’s own basis in the 2017 funds in the amount business year. € 1.6 billion, with the other half to be The Specialty financed by bonds & Coating with a nominal value Additives of € 1.9 billion. business of Air “The successful Products is the completion of Performance 1 the acquisition Materials paves the way for Division within Figure 1: Evonik Industries AG has completed the activities to acquire the specialty additives swiftly merging the the Materials business (Performance Materials Division) of the US company Air Products. activities of Evonik Technologies and the acquired Segment of Air units of the Air Products Performance Positive EPS in the 2017 Products and Chemicals, Inc. It has around business year Materials business,” said Klaus Engel, 1,100 employees at 11 production and Chairman of the Executive Board of Evonik The annual synergy effects in the amount of development locations and offers local Industries AG. “It puts Evonik in an excellent US$80 million can be confirmed at this time customer support in all key global regions. position for further profitable growth in the For further information: and should be fully realized by 2020 at the attractive specialty additives market.” www.evonik.com latest. Evonik expects to leverage synergies © Evonik
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international PAINT&COATING magazine - JANUARY/FEBRUARY 2017 - N. 43
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