Evonik acquires J.M Huber Silica business for US$630 million

Evonik acquires J.M Huber Silica business for US$630 million

J.M Huber has announced that is has signed a definitive agreement to sell its Huber Engineered Materials’ Silica business unit to Evonik for US$630 million.

The deal covers HEM’s Silica facilities in North America, Europe and Asia and the transaction is scheduled to complete in the second half of 2017, subject to regulatory approval.

Mike Marberry, President and Chief Executive Officer of Huber, noted, “Silica has been part of Huber since the 1950s and paved the way for the Company’s global expansion in engineered materials.  While it is difficult to part with a longstanding business, we expect Evonik to be an excellent fit for our Silica customers and our Silica employees.”  The transaction is subject to government approvals and is expected to be completed within the second half of 2017.

By intergrating Huber’s silica operations into its business, Evonik will be able to expand its position in North America and Asia. “Huber Silica will be an outstanding reinforcement for our growth segment Resource Efficiency,” said Klaus Engel, Chairman of the Executive Board of Evonik.  “In addition, it will offer the opportunity to strategically develop Evonik’s corporate portfolio.”

 

Leave a reply

Your email address will not be published. Required fields are marked *