Evonik has signed an agreement to sell its Methacrylates business to Advent International for €3 billion, 8.5 times the business’ EBITDA.
The transaction is subject to approval by the authorities in several countries and is expected to close in the third quarter of this year.
Evonik
The Methacrylates business has 18 production sites and 3,900 employees worldwide, and from 2016 to 2018 generated an average annual EBITDA of around €350 million and sales of around €1.8 billion per year.
The transaction comprises the Methacrylatesm Acrylic Product and CyPlus business lines, and some of the methacrylate resins activities.
Evonik put these operations on the market as part of its systematic strategy of sharpening its focus on speciality chemicals, which are less cyclical.