Evonik Sheds Unit, Expands Another

Evonik Industries will sell its initiators business to Philadelphia-based Speyside Equity for an undisclosed sum. The business operates plants in Pullach, Germany, and Elyria, Ohio, and employs some 600 people. It produces organic peroxides and persulfates for manufacturing polymers and for specialty applications, including cosmetics formulation. In 2005, Speyside acquired a fruit ingredients business from the Evonik forerunner Degussa. Separately, Evonik says it will invest "a two-digit million euro" amount to expand production of laurolactam, the starting material for nylon 12, at its site in Marl, Germany.