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Evonik Industries AG has announced it is acquiring the Specialty & Coating Additives business (Performance Materials Division) of the USA company Air Products and Chemicals Inc for US$3.8bn (approx €3.5bn), strengthening its leading position on the high-margin speciality and coating additives market. The transaction is intended to be completed by the end of the year.
Air Products also intends to spin-off its Electronic Materials Division (EMD) to shareholders as a separate public company, called Versum Materials. Air Products is on track to separate EMD by the end of September 2016 and will continue to evaluate whether debt and equity market conditions are favourable for a tax-free spin-off.
Air Products has been consistently executing against its strategic, Five-Point Plan, which includes focusing on industrial gases and taking actions on non-core businesses. In September 2015, it announced plans to separate Materials Technologies, which includes PMD and EMD.
