Evonik Seeks Sale or Partner for Performance Materials Business

Specialty chemicals company Evonik Industries is looking to sell or find a partner for its Performance Materials unit, which includes acrylic sheet and resin, as well as other specialty plastic materials.

In an interview on August 17 with the Dow Jones newswire, Evonik’s finance director Ute Wolf said the company could not achieve the economies of scale that were necessary for the long-lasting competitiveness of the Performance Materials unit.

“There are certainly other investors, corporations and industry groups which could make more of it,” she said.

Based on sales, Performance Materials was the smallest of Evonik’s three operating units in the first half of 2015. The unit posted sales of €938 million, a 4% fall compared with the first half of 2014, representing about 27% of Evonik’s total sales. EBITDA was essentially flat at €82 million.