Evonik is embarking on the next phase of its strategic transformation. As a part of it, the company plans to leave some markets. Preparations are already underway for the exit of all three businesses of its Performance Materials segment — Superabsorbents, Functional Solutions and Performance Intermediates. Evonik aims to find new owners or partners for each of these three businesses in the course of 2023.
The so-called C4 Verbund business is also a part of the Performance Intermediates division and contributes over 10% of the group sales. According to local media, first of all, the legal independence of the business is pending. The process will take a few months, after which, if possible, a partner should be found in the field of petrochemical additives for rubber, plastics and specialty chemicals. The company was reportedly looking for a buyer who would initially operate the C4 business unit in a joint venture with Evonik and later run it independently.
Note: Evonik is able to produce about 220,000 tpy of butadiene in Marl, Germany, and some 100,000 tpy in Antwerp, Belgium.