Evonik sold its site in Lülsdorf, Germany, and its associated cyanuric chloride business in Wesseling, Germany, to International Chemical Investors Group (ICIG).
The agreement was signed on April 6. The parties have not disclosed the purchase price.
Lülsdorf is part of the Functional Solutions business line within Evonik’s Performance Materials division. Transfer of ownership is scheduled for mid-2023. The closing of the transaction is subject to antitrust clearance and approval by the Evonik committees.
ICIG is an established Luxembourg-based chemicals investor. The company has about 4,800 employees and generated sales of approximately €4 billion last year.
ICIG is taking over the site in Niederkassel-Lülsdorf (near Cologne) and the associated cyanuric chloride business in neighboring Wesseling, including more than 600 employees and all production plants. ICIG has given contractual assurances that the sale will not alter the rights of the employees at the sites. The agreement excludes dismissals for operational reasons following the transaction until 2032.
“We wanted a reliable investor that is able and willing to leverage Lülsdorf’s potential effectively, and that is what ICIG offers. For Evonik, that means: We are taking the first step in the planned disposal of the three businesses in our Performance Materials division,” said Christian Kullmann, chairman of Evonik’s executive board.