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Evonik plans to spin off Functional Materials business unit

 Last Update: 2022-08-17
 Source: Internet
 Author: User

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On May 12, Evonik, a German specialty chemicals company, announced that all business lines of the functional materials business unit will be divested, including superabsorbents, functional solutions and functional intermediates, and relevant preparations have been start.

Evonik said that it is promoting the next stage of strategic transformation, and comprehensively and systematically incorporating sustainable development into all aspects of corporate strategy, including product portfolio management, innovation, and corporate cultu.

Evonik will look for new owners or partners in 2023 for the three business lines it plans to dive.

Evonik said the proceeds from the divestiture, as well as operating cash flow over the next few years, will be used for the green transition of the compa.

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