German specialty chemical company Evonik Industries AG announced Nov. 28 that it has signed an agreement to acquire the high-concentrates additive compounding business of 3M Co.
The move is part of Evonik's plan to expand in specialty additives. The acquisition adds solid additives to its portfolio.
The deal includes the Accurel brand product portfolio, which is produced in Obernburg, Germany, as well as the Obernburg production facility with approximately 25 jobs, which will be retained.
Terms were not disclosed.
Commenting on the takeover, Dietmar Schaefer, head of Evonik's interface & performance business line, said the transaction would enable it to “significantly expand” its product portfolio.
The high-concentrates additive compounding technology allows plastics manufacturers to introduce large volumes of additives into a polymer matrix via a solid polymer carrier. The new addition will enable Evonik to target new applications, including packaging.
The deal is expected to wrap up in the first quarter of 2018, subject to customary closing conditions. The operations will be incorporated into Evonik's interface & performance business line, which produces and markets specialty additives for plastics.
Evonik is based in Essen, Germany, and 3M is based in St. Paul, Minn.