Evonik completes purchase of Huber silica business
5 Sep 2017
Share:
Essen, Germany – JM Huber Corp. has completed the sale of the silica business unit of Huber Engineered Materials to Evonik Industries AG, a global speciality chemicals company.
The $630 million (€596 million), transaction, completed after approvals from the European Commission and other global regulatory bodies, transfers ownership of the HEM silica facilities in North America, Europe and Asia to Evonik as of 1 Sept.
Proceeds from the sale will enable Huber to invest and expand its product portfolio in other areas, including potential future acquisitions of specialty chemicals or materials businesses, according to a Huber press release. Joining the companies also will improve Evonik's value proposition and give it better position to serve customer needs.
The silica business has been a fundamental part of Huber for more than 60 years.
Huber will continue to serve HEM customers who use other non-silica materials such as ground calcium carbonate and fire-retardant additives.
This article is only available to subscribers - subscribe today
Subscribe for unlimited access. A subscription to European Rubber Journal includes:
Every issue of European Rubber Journal (6 issues) including Special Reports & Maps.
Unlimited access to ERJ articles online
Daily email newsletter – the latest news direct to your inbox