Evonik completes acquisition of Air Products division

Evonik Industries AG has completed its purchase of the Performance Materials Division of US company, Air Products, Inc. for US$3.8 billion (about  €3.5 billion) by the end of the year as planned. The closing is scheduled for January 03, 2017. All relevant antitrust authorities have approved the transaction and the integration of the acquired business is underway. 

 

According to Klaus Engel, Chairman of the Executive Board of Evonik Industries AG, the  successful completion of the acquisition paves the way for swiftly merging the activities of Evonik and the acquired units of the Air Products Performance Materials business. The move puts Evonik in an excellent position for further profitable growth in the attractive specialty additives market. 

Air Products is well prepared for the smooth transition, confirmed Ralph Sven Kaufmann, Chief Operating Officer and Executive Board member responsible for the integration. 

 

The annual synergy effects in the amount of US$80 million can be confirmed at this time and should be fully realized by 2020 at the latest. Evonik expects to leverage synergies in the amount of €10 to 20 million in the year 2017.  The acquisition is expected to increase the adjusted earnings per share (EPS) of Evonik in the 2017 business year. 

 

The Specialty & Coating Additives business of Air Products is the Performance Materials Division within the Materials Technologies Segment of Air Products and Chemicals, Inc. It has around 1,100 employees at 11 production and development locations and offers local customer support in all key global regions.