Evonik Sells RÜTGERS Chemicals
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Evonik Industries AG has signed an agreement for the sale of RÜTGERS chemicals to the financial investor TRITON. The sale price has not been disclosed. The agreement is subject to the approval of Evonik's Supervisory Board and the cartel authorities responsible. The transaction is expected to be finalized in the first quarter of 2008.
Says Dr. Alfred Oberholz, a member of the Executive Board of Evonik and chairman of the Supervisory Board of RÜTGERS Chemicals: "With the sale to TRITON, we see good development potential for our coal tar chemicals activities. The business has passed into good hands, and all in all we are highly satisfied with the transaction." Adds Oberholz: "In the Chemicals Business Area, Evonik focuses on specialty chemicals and had therefore decided to divest RÜTGERS Chemicals."
As an internationally operating basic chemicals company, RÜTGERS Chemicals is Europe's leading producer of coal tar chemicals and a global raw materials supplier to the aluminum and steel industries. In 2006 the company generated sales of EUR650 million and an operating result (EBIT) of about EUR60 million. Sales revenues of about EUR700 m are expected for 2007.
The 2006 agreement with employees to safeguard the future of the sites of RÜTGERS Chemicals GmbH is an important cornerstone for close collaboration with employee representatives. TRITON explicitly recognizes this agreement.
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