Evonik considers sale of its methacrylates businesses
Evonik announced to scrutinize its methacrylates businesses. Possible options are partnerships or a complete exit. Business-related dismissals for employees in Germany are not scheduled for the moment.
Systematic implementation of Evoniks's strategy includes active portfolio management and sharpening the focus on specialty chemicals. The Executive Board is therefore examining all options for the future development of the methacrylates businesses (MMA and PMMA). These options include possible partnerships or a complete exit. “Our MMA and PMMA businesses have leading competitive positions and they are profitable and attractive”, said Christian Kullmann, Chief Strategic Officer. “We can therefore explore the options without time pressure and decide on the best solution.”
No business-related dismissals in Germany
As announced in fall 2017, Evonik aims to optimize its administrative and sales processes and permanently reduce costs by EUR 200 million a year by the end of 2020. That is about 10 percent of total global selling and administrative expenses. Savings of EUR 50 million will be reflected in earnings this year. “Cost discipline is an important success factor and is becoming part of our corporate culture,” said Kullmann. “Selling and administrative expenses must not be allowed to rise faster than sales. That is why we are now taking action worldwide, in a socially acceptable manner.” Evonik still rules out business-related dismissals for employees in Germany. A corresponding agreement with the Works Council has been extended until the end of 2021.
