Issue Date: September 15, 2008
Evonik Sheds U.S. Cyanide Business
Evonik Industries has agreed to sell its U.S. and Canadian cyanide business to private equity company Oaktree Capital Management for an undisclosed sum. The business, part of Evonik's CyPlus subsidiary, includes a sodium cyanide terminal, a lab, and a 50% share in Cyanco, a joint venture with Nevada Chemicals that operates a sodium cyanide plant in Winnemucca, Nev. At the same time, Oaktree is acquiring Nevada Chemicals for about $94 million; the company's main asset is its half-share in Cyanco. Evonik says it will keep CyPlus plants in Germany and Belgium and focus them on emerging markets. Sodium cyanide is used to extract gold from ore.
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