Evonik sells superabsorbent business to ICIG

Evonik is selling its superabsorbents business to International Chemical Investors Group (ICIG). The purchase price was in the triple-digit million euro range. The agreement also includes placing ICIG on pension obligations. The final transfer of the business is scheduled to be completed in mid-2024, subject to approval by the relevant competition authorities.

"In its profile, the superabsorbents business no longer fits our profile as a specialty chemicals company," Evonik CEO Christian Kullmann said. "We have sought and found reliable investors. Therefore, our company is taking the second step to divest our Performance Materials Division."

ICIG is an experienced chemicals investment group headquartered in Frankfurt am Main, Germany. The group has more than 6,200 employees and annual sales of more than €4.6 billion. "We are delighted to be taking over another business from Evonik," said Dr. Achim Riemann, Chairman of the Supervisory Board of ICIG. "With its high technical quality as a new platform within ICIG, the superabsorbents business will provide new opportunities for the further growth of our group."

In April 2023, ICIG had acquired the Luelsdorf site and associated businesses in Wesseling from Evonik and announced a large-scale investment there. Like the superabsorbent business, the plant was formerly part of the Performance Materials division. Its third part are chemicals from the C4 chain, a business that is also up for sale. Superabsorbents are powdered polymers used as absorbent materials in diapers and other hygiene products.

For Thomas Wessel, Chief Human Resources Officer and Labor Director at Evonik, choosing ICIG was a logical choice. "ICIG has proven to be a trustworthy partner for Luelsdorf and keeps all its promises to its employees," "We know from experience that the superabsorbent business is well managed. Our employees will have a wonderful new home in the Group ."

Martin Albers, Chairman of the General Works Council, is also satisfied: "ICIG is an experienced investor that respects the rights of its employees and acts responsibly. We are convinced that we have once again found the right person for our superabsorbent business Investors, who will provide safety and security to employees."