Orion Engineered Carbons has completed the takeover of 100% of China-based carbon black producer Qingdao Evonik Chemical Co (QECC).

The deal, pending since 2011, included the acquisition of the 52% stake owned by German chemical group Evonik as well as the 15% stake held by Deutsche Investitions- und Entwicklungsgesellschaft (DEG).

Orion said it paid €28 million for the equity stake. According to CEO Jack Clem, the purchase price was “well within our expectations, the business was essentially debt free, and the closing actually was completed ahead of schedule.

“We are pleased with the positioning and performance of the business, as well as progress on integration within the Orion group. QECC will add to our already strong market position in Asia Pacific and will be immediately accretive to our adjusted EBITDA,” Clem added.

The Chinese company based in Shangdong Province has capacity to produce 75,000 t of carbon black annually, with a focus on high-end applications.