With the sale of its TAA derivatives business to SABO, Evonik is taking the next step in focusing its portfolio on specialty chemicals.
The Italian chemical company is one of the world's leading manufacturers of light stabilizers, for which TAA derivatives are a raw material. On the sales price, no details are disclosed. The transaction was announced in mid-October, and the closing took place on December 29, 2022.
“We want to continue our profitable growth in the specialty chemicals businesses,” says Christian Kullmann, Chairman of the Executive Board of Evonik. “And that includes divesting businesses that do not longer fit to our strategic focus and that could have a better future with new owners.” The TAA business was part of Evonik's Specialty Additives Division.
"The acquisition of the TAA business from Evonik propels SABO into a new phase of growth. The addition of new cutting-edge technologies, proprietary processes, and integration of production assets in Germany, China and Italy will consolidate our manufacturing position, to the benefit of our current and future customers and our employees", stated Germano Peverelli, CEO and Chairman of the Board of SABO S.p.A..
Source: Coatings World