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Evonik Industries has agreed to acquire PeroxyChem, a producer of hydrogen peroxide and peracetic acid, from the private equity firm One Equity Partners for $625 million. PeroxyChem, which has annual sales of about $300 million, was formed in 2013 when One Equity acquired FMC’s peroxygens business for about $200 million. Evonik, itself one of the world’s largest hydrogen peroxide producers, bought a PeroxyChem plant in the Netherlands in 2015. Evonik now says buying the rest of PeroxyChem will give it a peroxygens business with annual sales of about $800 million. The purchase will also shift Evonik’s business in the direction of more specialized markets such as electronics and food safety, the firm says.
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