JM Huber Corp. completed the sale of the silica business unit of Huber Engineered Materials to Evonik Industries AG, a global specialty chemicals company.
The $630 million (596 million euros), transaction, completed after approvals from the European Commission and other global regulatory bodies, transfers ownership of the HEM silica facilities in North America, Europe and Asia to Evonik as of Sept. 1.
Proceeds from the sale will enable Huber to invest and expand its product portfolio in other areas, including potential future acquisitions of specialty chemicals or materials businesses, according to a Huber press release. Joining the companies also will improve Evonik's value proposition and give it better position to serve customer needs.
The silica business has been a fundamental part of Huber for more than 60 years.
Huber will continue to serve HEM customers who use other non-silica materials such as ground calcium carbonate and fire-retardant additives.