Evonik Concludes Acquisition Of Air Products’ Specialty Additives Business
Jan. 4, 2017
Integration process us underway.
Evonik Industries AG completes the acquisition of the specialty additives business (Performance Materials Division) of Air Products, Inc. for $3.8 billion. The closing was scheduled for January 03, 2017. All relevant antitrust authorities have reportedly approved the transaction and the integration of the acquired business is underway. The transaction financing was completed in September. The acquisition is expected to increase the adjusted earnings per share of Evonik in 2017, according to the company.
The specialty and coating additives business is the Performance Materials Division within the Materials Technologies Segment of Air Products and Chemicals, Inc. It has around 1,100 employees at 11 production and development locations and offers local customer support in all key global regions, according to Evonik.
