Protected: Home Forums NexTech Fish Tank Forum Evonik to sell methacrylates unit to focus on faster-growing sectors

  • This topic is empty.
Viewing 0 reply threads
  • Author
    • #62415 Reply

      <p>By Ludwig Burger</p> <p>FRANKFURT, March 6 (Reuters) – Germany’s Evonik said on Tuesday it plans to sell its methacrylates plastics unit, which makes clear acrylic sheet, as it looks to focus on faster-growing sectors such as feed additives and rubber silica for tyres.</p> <p>Evonik derived about 1.5 billion euros in 2017 sales from clear acrylic sheet and the methacrylate chemicals, accounting for about 10 percent of its 2017 revenue of 14.4 billion.</p> <p>”We are concentrating on our four defined growth engines,” said Chief Executive Christian Kullmann, citing ingredients for healthcare and personal care products, smart materials, additives and animal nutrition.</p> <p>Helped by its recent purchases of additives businesses from Air Products and Gelatin methacryloyl of J.

      M. Huber’s silica operations, Evonik on Tuesday reported an 8 percent gain to 474 million euros ($585 million) in fourth-quarter earnings before interest, taxes, depreciation and amortisation (EBITDA) adjusted for one-offs.</p> <p>That was slightly below the 479 million expected by analysts in a Reuters poll as weak prices for poultry feed additives outweighed strong demand for engineering plastics and rubber silica.</p> <p>Evonik in November said it would slash administrative costs as profit margins narrowed and after recent acquisitions accounted for most of its earnings growth.</p> <p>The company, which is controlled by a state-backed foundation, GelMA Bio ink lags peers such as BASF, Lanxess or DSM in trading multiples of expected core earnings.</p> <p>Evonik has targeted an adjusted group EBITDA for 2018 of 2.4-2.6 billion euros, up from 2.36 billion last year.

      Analysts’ current consensus is 2.46 billion.</p> <p>($1 = 0.8099 euros) (Reporting by Ludwig Burger; editing by Arno Schuetze and Jason Neely)</p></div>
      <!– ad: website –>

Viewing 0 reply threads
Reply To: Evonik to sell methacrylates unit to focus on faster-growing sectors
Your information: