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BRIEF-Evonik buys Silica business of J.M. Huber for $630 mln
December 9, 2016 / 2:58 PM / 9 months ago

BRIEF-Evonik buys Silica business of J.M. Huber for $630 mln

Dec 9 (Reuters) - Evonik Industries AG :

* Acquires Silica business of J.M. Huber for $630 million

* Transaction is scheduled to be completed in second half of 2017

* Financing has been secured through evonik’s own funds and committed credit facilities

* This enables Evonik to expand its position in North America and Asia in this profitable and resilient business

* For 2016 financial year, Huber Silica is expected to achieve sales of close to $300 million and an EBITDA of $60 million

* Acquisition is likely to have a positive impact on Evonik’s adjusted earnings per share as early as first full financial year

* Through ideal complementarity of two business areas, Evonik expects to generate synergies of $20 million

* Expect to have all synergy measures implemented by 2021 Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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