Evonik offloads US betaine business

Evonik offloads US betaine business

THE WHAT? Evonik has announced the divestiture of its US betaine business, signing an agreement to sell the unit to Kensing for an undisclosed sum.

THE DETAILS The sale includes staff and part of the Hopewell site in Virginia. The remaining part of the facility, which produces additives for polyurethane foam will remain under Evonik North America’s umbrella with approximately 100 employees. The German specialty chemicals supplier said that it planned to continue its betaines businesses in Europe, Asia and Latin America.

THE WHY? The sale is part of Evonik’s drive to transform its portfolio focus to System Solutions for the personal care and cleaning industries.

Yann d’Hervé, Head of Evonik’s Care Solutions business line, explains, “Betaines are an attractive and profitable business, but they are no longer core to Care Solutions’ strategy, which is driven by high-value-added System Solutions. We are convinced, with the new ownership under Kensing, the business will be in good hands for the North plant employees of Evonik.”

IN CONVERSATION WITH...

FORMULA FRIDAY

STREET TALK

60 SECOND PITCH

WELLNESS

FASHION

TRAVEL

PROFESSIONAL BEAUTY

TOP 50 BRANDS

JOBS & PEOPLE

EVENTS