Huber Closes $630-Million Sale of Silica Business to Evonik
The J.M. Huber Corporation has completed the sale of the Silica business unit of Huber Engineered Materials (HEM) to Evonik Industries AG, a global specialty chemicals company. The $630-million transaction, completed after approvals from the European Commission and other global regulatory bodies, transfers ownership of the HEM Silica facilities in North America, Europe and Asia to Evonik, effective today.
Strategically, the transfer of the Silica business is advantageous for both companies. Proceeds from the sale will enable Huber to invest and expand its product portfolio in other areas, including potential future acquisitions of specialty chemicals or materials businesses. For Evonik, bringing together the two diverse Silica businesses will further improve the company’s value proposition as an integrated global provider, better positioned to serve a broader base of customer needs, particularly in North America and Asia.
The Silica business has been a fundamental part of Huber for more than 60 years, providing a runway for the company’s global diversification into engineered materials.
“The strength of our Huber Silica business was built, in part, from the collaborative spirit of our Silica employees, who adhere to best practices in Environment, Health, Safety and Sustainability, ethical behavior, respect for people and operational excellence. These guiding principles at Huber are the foundation of our company culture and ability to deliver superb value for our customers,” Mike Marberry, Huber President & Chief Executive Officer, said. “We thank our Silica employees and know their talents and expertise will be highly valued by Evonik.”
Huber will continue as usual to serve its HEM customers who use other non-silica materials such as ground calcium carbonate and fire retardant additives across a broad range of applications. As an expert in developing and manufacturing specialty engineered materials, HEM takes great pride in delivering exceptional products and service to its industrial customers worldwide.
About J.M. Huber Corporation
J.M. Huber Corporation, headquartered in Edison, New Jersey (U.S.), operates as a Portfolio Management Company, which serves as an effective organizational structure for a diverse range of businesses. CP Kelco, Huber Engineered Materials, Huber Engineered Woods and Huber Resources Corp hold leadership positions in rapidly growing markets such as specialty chemicals and minerals, hydrocolloids and engineered woods, as well as timber management. Founded in 1883, Huber is one of the largest family-owned companies in the U.S. The diversified, multinational company creates products that are used in a broad range of consumer and industrial applications, including fire retardant additives and smoke suppressants, personal care, food, beverage, pharmaceuticals and building materials.
About Huber Engineered Materials
Huber Engineered Materials, headquartered in Atlanta, Georgia (U.S.), is a global business focused on engineered specialty ingredients that enhance the performance, appeal and processing of a broad range of products used in industrial and consumer-based applications. With an expertise in inorganic materials, it has a portfolio of high value products: specialty alumina trihydrate, magnesium hydroxide, molybdate compounds and industrial, food and USP grade calcium carbonate.
Evonik is a global leader in specialty chemicals, active in more than 100 countries world-wide. In its fiscal year 2015, more than 33,500 employees generated sales of about Euro 13.5 billion and an operative, adjusted EBITDA of about Euro 2.47 billion. More information about Evonik’s silica business is available at http://dental-silica.evonik.com.
Total Page Views: 1223
