- The agreement was signed and ownership transfer is scheduled for mid-2023.
- ICIG generated sales of around €4 billion last year.
- The sale includes over 600 employees and all production plants.
- Evonik's divested businesses generated sales of around €260 million in 2022.
Transaction Overview
Evonik is selling its Lülsdorf site and the associated cyanuric chloride business in Wesseling to International Chemical Investors Group (ICIG). The agreement was signed recently, and the transfer of ownership is scheduled for mid-2023, pending antitrust clearance and approval by Evonik committees.
ICIG Profile
ICIG, a Luxembourg-based chemicals investor, employs approximately 4,800 people and generated sales of around €4 billion last year. The company specializes in developing sites and business units that are no longer core to other enterprises.
Employee and Site Details
ICIG will take over the entire Lülsdorf site and the cyanuric chloride business in Wesseling, including more than 600 employees and all production plants. The sale includes contractual assurances that employee rights will remain unchanged, with no dismissals for operational reasons until 2032.
Strategic Fit and Future Plans
ICIG plans extensive investments in the Lülsdorf and Wesseling sites, focusing on expanding existing businesses and investing in renewable energy facilities. This acquisition aligns with ICIG's strategic focus on chlorine chemistry and specialty chemicals.
Evonik's Realignment
Evonik is realigning its Functional Solutions business line, completely divesting the production of potassium derivatives and cyanuric chloride, which are produced exclusively in Lülsdorf and Wesseling. The alkoxides for biodiesel business will remain with Evonik and has been integrated into the Catalysts business line in the Smart Materials division as of January 1, 2023. ICIG will produce alkoxides at the Lülsdorf site exclusively for Evonik until 2027.
Financial Impact
The businesses to be divested generated sales of around €260 million in 2022. The sale to ICIG also ends previous plans by another investor to produce ethylene oxide in Lülsdorf, which had caused public concern.
