Evonik completes €3.6bn acquisition of Air Products division

Essen, Germany—Evonik Industries AG has completed its acquisition of the Performance Materials Division of Air Products Inc for $3.8 billion (€3.6 billion).

The firm confirmed in a 3 Jan news release that the transaction has received approval from the relevant antitrust authorities and the integration process is underway. Evonik projects synergies of $80 million once fully integrated.

Air Products said at the time of the transaction that the division produces speciality and coating additives and reported sales of about $1.06 billion and revenue in $241 million of…

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