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Evonik to decide on future of carbon black business by year-end

On July 12, Evonik Industries issued a press release with more details of its spin-off of its carbon black activities into a separate entity called Evonik Carbon Black GmbH. The company was founded on July 1, 2010 as a “legally independent management company under the umbrella of Evonik Industries.” Its chairman and CEO is Jack Clem, who comes from the US business, while Rainer Wobbe has taken the position of Chief Financial Officer (CFO). The operational headquarters of the company are currently in Frankfurt but will move to Hanau-Wolfgang on October 1. The product portfolio and the relationship to customers should not be affected by the spin-off. Evonik is the second largest carbon black manufacturer worldwide, with 17 sites in 12 countries on four continents. According to the release, the company’s 1,700 employees generated sales of about €1 billion in the last fiscal year.

The release also included details about the future direction of Evonik Carbon Black. By the end of 2010, Evonik will decide on one of three strategic options for the business: optimization as an independent market unit, the formation of a partnership solution, or the sale of the business.

The release is here.

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