WESSLING, Germany—German specialty chemical company Evonik A.G. will invest $4.4 billion in research and development over the next decade.
“Our intention is to turn Evonik into one of the world's most innovative companies,” CEO Klaus Engel said an R&D news conference on March 26.
“Innovations open up new business areas and strengthen our leading market and technology positions,” Engel said.
In fiscal year 2014, Evonik's R&D spending amounted to $452 million, an increase of 5 percent over the previous year ($431 million).
Ulrich Küsthardt, appointed chief innovation officer at Evonik earlier this year, presented a three-point plan for this purpose.
A detailed breakdown of the investment plan was not disclosed, but Evonik said that around 80 percent would go to activities within the “operative businesses, which are specifically aligned with their respective core technologies and markets.”
Another 10 percent is to be used by the operative units to research and develop new business, said the company. The remaining 10 percent is earmarked for strategic research at Evonik's innovation unit, Creavis, to establish new high-tech activities outside of the existing group portfolio.
According to Evonik, the company is at the forefront of specialty chemicals sector in terms of the number of first-time patent applications filed in 2014.
“The company held over 25,000 patents and patent applications in 2014. Some 250 new patents were filed last year… with some 2,600 Evonik employees working in research at 35 sites,” the company said in a statement.