On March 4, 2019, Evonik signed an agreement to sell its Methacrylates business to Advent International for €3 billion. The sales price (enterprise value) is about 8.5 times the business’ EBITDA. This transaction is subject to regulatory approval in several countries and is anticipated to close in the third quarter of 2019. Evonik's global Methacrylates business consists of 18 production sites and has about 3,900 employees worldwide and generates about € 1.8 billion per year. The divestment of its Methacrylates business is part of Evonik's systematic strategy to put a stronger focus on specialty chemicals, which are less cyclical.

About Evonik

Evonik Industries is a specialty chemicals company headquartered in Essen. The company has more than 36,000 employees, is active in more than 100 countries and operates production plants in 24 countries. It generated sales of around € 14.4 billion and achieved an adjusted EBITDA of almost € 2.4 billion in fiscal 2017. It serves customers across a wide range of industries from food and animal feed, pharmaceuticals and biotechnology to electronic materials.

Source: Evonik Press Release, March 4, 2019