German chemicals firm Evonik turnover rises in 2018

BERLIN, March 5 (Xinhua) -- Total turnover of Evonik increased by four percent to 15 billion euros (17.0 billion U.S. dollars) in 2018, according to data published by the German producer of specialty chemicals on Tuesday.

With adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increasing by 10 percent to 2.6 billion euros, Evonik met its own business forecasts. Net profits reached an all-time high of 1.29 billion euros.

For 2019, Evonik is expecting adjusted EBITDA to be "at about the level of 2018 or slightly lower" due to "political uncertainties and weaker economic growth".

Evonik CEO Christian Kullmann said at an annual press conference that "it is not going to be an easy year but we are prepared to meet the challenges and will continue to build a best-in-class specialty chemicals company".

Evonik also announced Monday the signing of an agreement to sell its methacrylate business. Evonik's methacrylate business, which produces acrylic glass and other acrylic products, is to be sold to private equity firm Advent International for 3 billion euros. The transaction would still be subject to regulatory approval in several countries but Evonik is expecting the deal to be completed by the third quarter of 2019.

Evonik is intending to use the sale proceeds to "strengthen its balance sheet" as well as for growth projects such as the acquisition of the peroxygen chemistry company PeroxyChem from the United States, which Evonik is planning to complete this year.