Evonik agrees to sell carbon black business to Rhone Capital

Evonik Industries signed an agreement with affiliates of Rhône Capital LLC to sell its carbon black business, which achieved sales revenues of some €1.2 billion in 2010. The transaction is valued in excess of €900 million including the assumption of certain obligations. The closing is expected during summer 2011. The group’s carbon black activities comprise 16 production facilities in eleven countries. Evonik Carbon Black is the global number three in this market. Carbon black is used in the rubber and tire industries and as pigment black preparations in coatings, plastics, inks and toners. The business is being acquired intact as a whole, with its 1,650 employees, about 500 of whom are based in Germany. Evonik’s executive board decided in early September 2010 to exit the carbon black business entirely.