Evonik is Selling Stake In Energy Unit | January 3, 2011 Issue - Vol. 89 Issue 1 | Chemical & Engineering News
Volume 89 Issue 1 | pp. 11-12 | Concentrates
Issue Date: January 3, 2011

Evonik is Selling Stake In Energy Unit

Department: Business
Keywords: specialty chemicals, energy, coal

As part of its strategy to focus on specialty chemicals, Evonik Industries has agreed to sell a 51% interest in its energy business to a consortium of seven German municipal utilities for $850 million. Evonik says the deal should close by the end of March. The utilities plan to purchase the remaining 49% in the coal-based energy business within five years. Proceeds from the transaction will be reinvested in Evonik’s chemical operations, which now account for about 80% of its sales and earnings, the firm says. In 2008, private equity firm CVC Capital Partners bought a 25% stake in Evonik.

 
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