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Business

Evonik To Jettison Nonchemical Holdings

by Melody Voith
December 21, 2009 | A version of this story appeared in Volume 87, Issue 51
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Evonik Industries says it will transition itself into an all-chemical company by spinning off its energy and real estate holdings. Plans are under way to seek partners for the energy businesses and to launch the real estate operations as a publicly traded entity. Evonik’s chemical business, which includes the former Degussa, already accounts for about 75% of the company’s sales. In 2008, private equity firm CVC Capital Partners bought a 25% stake in Evonik.

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