Evonik to bow out of specialty plastics; seeks buyer for Performance Materials unit

Evonik to bow out of specialty plastics; seeks buyer for Performance Materials unit

Evonik is said to be looking for a buyer or partner for its Performance Materials unit, according to a report published by Dow Jones Newswires.

In an interview, Finance Director Ute Wolf claimed that the company cannot achieve the necessary economies of scale to keep the unit competitive in the long term. “There are certainly other investors, corporations and industry groups which could make more of it,” Wolf added, intimating that the company is open to offers from interested parties.

The Performance Materials unit, which produces acrylic, resin and specialty plastics, is the smallest of the specialty chemicals manufacturer’s three business divisions by sales, dropping 4 percent to €938 million in the first half of 2015.

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