Evonik sells its TAA derivatives business to Sabo, an Italian chemical company that manufactures light stabilizers, for which TAA derivatives are a raw material. No details were disclosed on the sale price. The transaction is subject to approval by the competent Evonik committees. The closing is expected in early 2023.
“We want to continue our profitable growth in specialty chemicals,” says Christian Kullmann, chairman of the executive board of Evonik, in a press release from the company. “That includes divesting businesses that do not longer fit to our strategic focus. We are thus concentrating our investment resources and at the same time enabling these businesses to better develop the future under new ownership.”
The TAA business is part of Evonik's specialty additives division. Around 250 people are working at the two production sites in Marl, Germany, and Liaoyang, China, according to the company.
“We are handing over a strong business to an experienced partner,” says Claudine Mollenkopf, head of the specialty additives division. “The sale to Sabo opens the TAA business new opportunities for future growth.”
Read the press release at: www.evonik.com
