ESSEN, Germany (Aug. 1, 2011)—Evonik Industries A.G. has completed the divestment of its carbon black activities, the company said.
The new owners are investors Rhone Capital and Triton Partners. Evonik said the transaction is valued at more than $1.3 billion.
The carbon black business, which Evonik said generated sales of around $1.7 billion in 2010, has been acquired as a whole, including its roughly 1,650 employees, about 500 of whom are based in Germany.
Evonik Carbon Black was renamed upon transfer and now operates as Orion Engineered Carbons.
Orion Engineered Carbons CEO Jack Clem said that the acquisition offers the business to reach its full potential with investments in technology and people.
Following careful analysis of the strategic options, in September 2010 Evonik's Executive Board decided to exit the carbon blacks business completely. The divestment process started in November 2010 and the contracts were signed April 16.