Evonik Sells its Rütgers Operation

Evonik Industries has signed an agreement to sell its Rütgers Chemicals unit to the private equity firm Triton for an undisclosed price. The deal is expected to be completed in first-quarter 2008. Sale of Rütgers, which produces coal tar chemicals in the world's largest coal tar refinery, leaves Evonik's chemicals business, formerly Degussa, focused on specialty chemicals, according to Alfred Oberholz, a member of the Evonik executive board and chairman of Rütgers' supervisory board. In 2006, Rütgers had sales of roughly $950 million and operating profits of $88 million. Triton operates largely in German-speaking and Northern European countries.