German speciality chemicals company Evonik Industries AG has signed an agreement to acquire the high-concentrates additive compounding business of US-based 3M, the company announced 28 Nov.
The move is part of Evonik’s plan to further expand capabilities in speciality additives, with the acquisition adding solid additives to its portfolio.
The parties did not disclose the price of the purchase.
Commenting on the takeover, Dietmar Schaefer, head of Evonik’s interface & performance business line, said the transaction would enable it to “significantly expand” its product portfolio.
The deal includes the Accurel brand product portfolio which is produced in Obernburg, Bavaria, Germany, as well as the Obernburg production facility with approximately 25 jobs which will be retained.
The high-concentrates additive compounding technology allows plastic manufacturers to introduce large volumes of additives into a polymer matrix via a solid polymer carrier.
The new addition will enable Evonik to target new applications, including the packaging industry.
The deal is expected to be completed in the first quarter of 2018 subject to customary closing conditions. These operations will be incorporated into Evonik’s interface & performance business line, which produces and markets speciality additives for the plastics industry.