Evonik Finalizes Sale of AlzChem Group
Essen, Germany-based Evonik Industries AG has finalized the sale of the AlzChem Group to the Luxembourg-based private equity fund bluO. The deal was closed on October 27, 2009, after it was approved by the boards and the relevant antitrust authorities. Less debts, the cash sale price amounts to €78.5 million.
The transaction covers the entire AlzChem Group and its companies in Germany and the U.S. The company will remain headquartered in Trostberg, in the district of Traunstein, Bavaria. bluO plans to continue AlzChem’s current corporate strategy and has undertaken neither to call for any layoffs until the end of 2011, nor to close any site in the next five years.
At its Trostberg, Hart, Schalchen, and Waldkraiburg sites, the AlzChem Group produces mainly calcium cyanamide-based precursors and intermediates for further processing in the plastics, agricultural, and pharmaceutical industries. Two distribution joint ventures in the U.S. form part of the group, too. One special feature of the group is that it owns five hydroelectric power plants along the Alz river, which generate some of the energy needed for production.
In fiscal 2008, the group’s 1,300 employees generated sales of about €240 million. Despite the economic downturn, the AlzChem Group has held its ground well in the current and previous fiscal years, achieving significantly better operating results than in earlier years.
bluO is an investment company headquartered in Luxembourg. It invests in medium and large enterprises in the German-speaking countries and the rest of Europe. bluO founders, Dr. Peter Löw, Dr. Martin Vorderwülbecke, and Markus Zöllner, have over the last few years been immensely successful in concluding a number of corporate transactions in the medium-sized company segment.
Evonik Industries is the creative industrial group from Germany which operates in three business areas: Chemicals, Energy and Real Estate. Evonik is a global leader in specialty chemicals, an expert in power generation from hard coal and renewable energies, and one of the largest private residential real estate companies in Germany. Our strengths are creativity, specialization, continuous self-renewal, and reliability.
Evonik is active in over 100 countries around the world. In its fiscal year 2008 about 41,000 employees generated sales of about €15.9 billion and an operating profit (EBITDA) of about €2.2 billion.
In so far as forecasts or expectations are expressed in this press release or where our statements concern the future, these forecasts, expectations or statements may involve known or unknown risks and uncertainties. Actual results or developments may vary, depending on changes in the operating environment. Neither Evonik Industries AG nor its group companies assume an obligation to update the forecasts, expectations or statements contained in this release.