ESSEN, Germany—Evonik Industries A.G. has completed the acquisition of Monarch Catalyst Pvt. Ltd.
An agreement to acquire Monarch Catalyst had been announced in March, subject to certain closing conditions. The company employs approximately 300 and will be renamed to Evonik Catalysts India Pvt. Ltd.
All of Evonik's future catalyst activities in India will be operated through the newly acquired company, Evonik said. Financial terms were not disclosed.
Evonik's Business Line Catalysts produces specialty catalysts, custom catalysts and catalysts components for the life sciences and fine chemicals; industrial and petrochemical; and polyolefines market segments. Monarch's global activities in oils and fats hydrogenation range broadens Evonik's catalysts portfolio.
Evonik said the activated base metal catalysts and precious metal catalysts portfolio strengthens Evonik's positions in India and the Asia region. Monarch's existing customer base will continued to be served through established sales channels.
“The Catalysts Business Line belongs to the core businesses in Evonik's Resource Efficiency Segment,” Patrik Wohlhauser, chief operating officer and a and member of Evonik's Executive Board, said in a statement.
“With this acquisition, we complement our competencies in innovation for products and technologies to make our customers' processes and products more efficient.”
The timing of the acquisition fits well with the changes in India, Wohlhauser added, where political leaders have put economic growth on the top of India's agenda.
“With Monarch's business in oils and fats hydrogenation catalysts, we are one of the globally leading suppliers in this growing market segment,” Wilfried Eul, head of Evonik's Catalysts Business Line, said in a statement.
“With the new production site in the vicinity of Mumbai, we will be in an even better position to serve our customers in the life sciences and fine chemicals market segment in India and the growth region Asia.”
Evonik's catalysts production network consists of three sites in Germany and one each in the U.S. (Calvert City, Ky.); Brazil; Japan; and China, with an additional tolling site for precious metal catalysts in India.