Evonik signs agreement to buy PeroxyChem for $625m

Germany-based Evonik Industries has signed an agreement to buy US-based PeroxyChem from One Equity Partners for $625m. PeroxyChem manufactures hydrogen peroxide (H2O2) and peracetic acid (PAA) for the specialty applications market. Evonik’s chairman of the executive board Christian Kullmann said: “PeroxyChem will significantly strengthen our Resource Efficiency growth segment. “We are expanding our portfolio of environmentally friendly and high-growth specialty applications. Furthermore, we are getting an attractive business characterized by above-average growth, moderate capital intensity, and low cyclicality.”