Kaneka Corp to acquire Evonik Röhm GmbH's acrylic modifier and acrylic sol

05-Aug-11

Kaneka Corporation and Kaneka Belgium N.V. (Kaneka Belgium) have reached an agreement with Evonik Röhm Gmb of the Evonik Industries AG Group regarding the acquisition of Evonik's acrylic modifier and acrylic sol businesses. As per the acquisition agreement concluded on June 23, the acrylic modifier and acrylic sol businesses of Evonik will be acquired by Kaneka. The acquisition encompasses tangible fixed assets associated with the relevant operations of Wesseling site, and other assets, as well as employees of the manufacturing department and separate contracts with third parties. Kaneka Belgium will carry out sales and production of the acquired businesses while setting up a new company Kaneka Modifiers Deutschland GmbH, at the Wesseling site of Evonik to inherit tangible fixed assets and manufacturing department employees from Evonik. The new entity will be a 100% subsidiary of Kaneka Belgium. This acquisition is subject to the approval by the German Federal Cartel Office in accordance with German competition law i.e. Act Against Restraints of Competition. Kaneka's modifiers business has been growing with its global manufacturing and sales facilities in Japan, the United States, Europe and Asia. The acquisition agreement concluded on June 23 involving the acrylic modifier and acrylic sol businesses of Evonik is designed to expand Kaneka's operations and strengthen the competitive advantage of this business in Europe while also promoting its ongoing development through the acquisition of promising technology and improved access to local markets.