Evonik sells Methacrylates unit to Advent for $3.4B

Parsippany-based Evonik announced Monday it will sell its Methacrylates business to Advent International for approximately $3.39 billion.

Evonik’s Methacrylates business has 18 production sites and 3,900 employees worldwide, it said.

Under the deal, private equity firm Advent will acquire Evonik’s Methacrylates, Acrylic Products and CyPlus business lines and some of the methacrylate resins activities. Evonik said it put these operations to the market as part of its specialty chemicals strategy, which are less cyclical.

Evonik said it will use the sale proceeds to strengthen its balance sheet and target growth projects, including funding the purchase of PeroxyChem.

The deal is expected to close in the third quarter of 2019.