ESSEN (dpa-AFX) - The specialty chemicals company Evonik has found a buyer for its superabsorbent materials business, for example for diapers. The superabsorbent business will go to the International Chemical Investors Group (ICIG) for a low three-digit million euro amount, as the MDax company announced in Essen on Monday. The transaction is expected to be completed in mid-2024. "In terms of its profile, the superabsorbents business no longer fits our character as a specialty chemicals company," said Evonik CEO Christian Kullmann according to the press release.

The long-announced sale is part of the Group's reorganization with the intended separation from the standard chemicals business of the Performance Materials division, which, in addition to superabsorbents, also includes the C4 network of petrochemical additives for rubber, plastics and specialty chemicals. With regard to the C4 business, Kullmann has repeatedly emphasized in the past that there is no time pressure. He is therefore likely to wait for better economic times in order to achieve a higher price in the event of a sale or contribution to a joint venture.

According to the information provided, the superabsorbent business generated sales of 892 million euros in 2023 and earnings before interest, taxes, depreciation and amortization (EBITDA) adjusted for special effects in the mid double-digit million euro range. The average operating profit over the past five years has amounted to around 20 million euros. ICIG is taking over the division with around 1000 employees and production facilities in Krefeld and Rheinmünster as well as two locations in the USA. The business also includes plants in Marl for the production of acrylic acid, a key raw material for superabsorbents.