Speciality chemicals group Evonik Industries is to sell its carbon black business to Rhône Capital for more than €900m (£553m).
The €1.2bn a year business has 16 production facilities in 11 countries, and employs a 1,650 strong workforce, of which 500 are based in Germany.
‘This represents another major step toward a more clear-cut profile for Evonik as a leading speciality chemicals company when it goes public,’ said Klaus Engel, chairman of the executive board of Evonik Industries.
Carbon black is used in the rubber and tyre industries and as pigment black preparations in coatings, plastics, inks and toners, among other goods.
Evonik’s executive board decided in early September 2010 to exit the carbon black business. The sale process commenced in November 2010.
The closing of the deal is subject to approval by Evonik’s supervisory board and competent anti-trust authorities, and is expected during the summer.