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Evonik Industries to Sell North American Cyanide Activities

10 Sep 2008 - Evonik Industries has signed a contract for the sale of its U.S. and Canadian cyanide activities with Oaktree Capital Management. The cyanide business constitutes a part of the CyPlus Group owned by Evonik. The parties have agreed not to disclose financial terms of the transaction. The transaction is subject to approval by the regulatory authorities.
 
The transaction comprises of CyPlus Group’s business in the U.S. and Canada dedicated to the gold-mining industry. It includes a 50-percent share in Cyanco, a joint venture with Utah-based Nevada Chemicals, Inc., a publicly traded company and two subsidiaries of CyPlus GmbH — CyPlus Canada, Inc., and CyPlus Corporation. The number of employees in the businesses to be sold is about 40.
 
All of CyPlus GmbH’s activities at the sites in Hanau and Wesseling, Germany, and in Antwerp, Belgium, will remain part of Evonik’s hydrogen cyanide network and will continue to successfully operate in their current capacity, with a sharpened focus on emerging markets.