Chemicals maker Evonik Industries AG is said to be looking to the US for a potential acquisition after struggling to find a suitable asset to purchase in Europe.

According to Bloomburg,com, the company is running out of time to make an acquisition following Chief Executive Officer Klaus Engel’s statement that it would find a suitable company to purchase by mid-2016, or start to distribute its growing cash pile to investors.

A potential acquisition target is said to be US company Air Products & Chemicals Inc, with the company being particularly interested in its materials technologies unit. Indeed, it is said that Evonik has put particular importance on the part of the company that supplies special additives and chemicals for adhesive and coatings.

So far a large acquisition has eluded the company, with potential deals with Royal DSM NV, Clariant AG and Croda International Plc all failing to come to the fore.