The US site produces precursors for agrochemicals however; Evonik now has plans to focus more on its specialty chemicals business and intends to do away with assets that are not in line with its growth businesses.
Essen/Germany – Evonik is taking the next step in systematically focusing on specialty chemicals with the divestment of its US Jayhawk site in Galena, Kansas. The site produces precursors for agrochemicals, which are not included in the growth businesses defined by Evonik. Jayhawk’s activities fall under the Agrochemicals & Polymer Additives business line in Evonik’s Performance Materials segment.
Under a share deal, funds advised by the international investment firm Permira will acquire the site along with the company and its approximately 120 employees. The sale price is in the high double-digit million dollar range. The transaction is subject to approval by antitrust authorities in several countries.
Permira is a global investment firm. Founded in 1985, the firm advises funds with a total committed capital of approximately 37 billion dollars. The Permira funds have a long track record of successfully investing in industrial companies around the world and have invested over 5.34 billion dollars in more than 20 companies.
The CABB Group, headquartered in Sulzbach am Taunus, Germany, is a globally active producer of precursors, intermediates, and active substances for fine chemicals. With about 1,000 employees, the Group generates annual sales in the region of 522 million dollars.