German-based Evonik Buys Chemical Unit from Air Products for $3.8 Billion

Evonik Industries AG has entered into an agreement to acquire the materials and coatings-additives operations from Air Products and Chemicals Inc. The deal has been struck for $3.8 billion with the purpose of increasing the US sales of its high-margin products, mainly used in coatings, insulation and household detergents. The deal is expected to close by this year end. It has 1,100 employees and earns revenues worth $241 million as EBITDA on an annual sales of $1.04 billion.

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