Evonik has completed the acquisition of the specialty additives business (Performance Materials Division) of Air Products for US$3.8 billion (approx. €3.6 billion) as planned. The closing was scheduled for January 03, 2017. All relevant antitrust authorities have approved the transaction. The integration of the acquired business is underway.
The transaction financing was completed successfully in September 2016. It consists of the company’s own funds in the amount of €1.6 billion; the other half will be financed by bonds with a value of €1.9 billion.
The company confirmed the annual synergy effects in the amount of US$80 million (approx. €77 million) and thinks it should be fully realized by 2020 at the latest. Evonik expects to leverage synergies in the amount of €10 to 20 million in the year 2017.
- Evonik Industries AG, Essen, Germany
- Air Products, Inc., Allentown, PA, USA
