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Evonik in TAA exit

Evonik has sold its TAA derivatives business to Italian chemical company Sabo, which claims to be one of the world's leading manufacturers of light stabilisers. Terms are not being disclosed and the sale is expected to close in early 2023. The sale is part of Evonik’s continuing strategy of focusing its portfolio on speciality chemicals and divesting businesses that no longer fit.

Evonik in hydroformylation breakthrough

A research team involving Evonik and the Leibniz Institute for Catalysis (LIKAT) in germany has claimed a breakthrough in hydroformylation, an important reaction in industrial organic chemistry where unsaturated compounds are converted into aldehydes and alcohols using synthesis gas. This has been published in Science.

Innovation hub for Evonik

Evonik has opened a $2.5 million ‘innovation hub’ at its site in Allentown, Pennsylvania. Described as part of its broader globalisation strategy for RD&I, this comprises several testing and processing labs, a pilot plant and a newly designed collaboration space “to support a hybrid and creative work environment”. In all, it will create 50 jobs for scientists, engineers and lab technicians, in addition to 300 already there.

Evonik reducing natural gas dependency

Evonik has made several moves to limit its dependence on Russian supplies of natural gas at its German sites. The company said that this is less of an issue in other countries but “in Germany, on the other hand, a loss of Russian gas supplies would seriously jeopardise chemical production”.

Betaine exit for Evonik 

Evonik has agreed to sell its US betaine business in Hopewell, Virginia (pictured), to speciality chemicals company Kensing. The deal is expected to close in Q3. This follows the sale of the firm’s UK betaines site at Milton Keynes and the closure of another at Granollers, Spain, both in 2020. 

Evonik will, however, continue its betaine businesses in Europe, Asia and Latin America. It will also retain the rest of the Hopewell facility, which produces additives for polyurethane foam manufacture, plus agricultural and industrial applications.

Evonik in Brazilian alliance

Evonik has entered into a technological cooperation agreement with the AgTech Garage innovation centre in the Piracicaba Technology Park in Sao Paulo, Brazil. This came shortly after the company opened its new ‘Agro Hub’ at Americana in the same start AgTech Garage is described as an innovation hub that seeks to connect start-ups, producers, investors, academics, scientists and others in the development of sustainable agribusiness.

Evonik announces ‘next phase of strategic transformation’

At its Capital Markets Day, Evonik announced that it is embarking on the next phase of its strategic transformation. During this, said board chairman Christian Kullmann, the company will be “executing targeted and massive investments in green growth and making sustainability our central innovation driver”.

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