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Germany's Evonik finalises sale of Superabsorbents unit to ICIG

04 Sep '24

2 min read

Germany's Evonik finalises sale of Superabsorbents unit to ICIG

Pic: Evonik

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Evonik has completed the sale of its superabsorbents business unit to International Chemical Investors Group, effective August 31, 2024.
The unit, which had ~$985 million in sales in 2023 and about 1,000 employees, produces polymers used in hygiene products.
This sale is part of Evonik's strategy to focus on high-margin, green transformation businesses.

Evonik has successfully completed the sale of its superabsorbents business unit to the International Chemical Investors Group (ICIG). The closing of the transaction took place on August 31, 2024, following approval by the competition authorities. Superabsorbents are powdered polymers that are used as absorbent materials in diapers and other hygiene products. The division generated sales of €892 million (~$985 million) in 2023 and has around 1,000 employees. It includes three locations in Germany and two in the United States.

The unit is the second of a total of three parts of the performance materials division that Evonik has put up for sale. Following the divestment of the Lülsdorf site and its associated businesses (also to ICIG) and the sale of the superabsorbent unit, the former performance intermediates business line will remain. Here, Evonik is sounding out the market situation for a possible start of the sales process, the company said in a press release.

"We want to clearly focus our portfolio on high-margin businesses with low fluctuations that drive the green transformation of the economy," said Christian Kullmann, chairman of the executive board of Evonik. "We are consistently pursuing this path without losing sight of the well-being of the employees."

ICIG is an experienced chemical investor based in Frankfurt am Main. Together with the superabsorbent activities, the group now generates annual sales of well over €4 billion (~$4.42 billion) at around 50 locations worldwide and with more than 7,800 employees. "We are pleased to now include superabsorbents as a new platform in ICIG and warmly welcome all employees," said Dr Achim Riemann, chairman of the supervisory board of ICIG. "The acquisition is part of our expansion course, which we will continue to pursue through internal and external growth."

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