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BRIEF-Evonik to achieve $80 mln annual synergies from Air Products deal
January 3, 2017 / 1:57 PM / 9 months ago

BRIEF-Evonik to achieve $80 mln annual synergies from Air Products deal

Jan 3 (Reuters) - Evonik Industries AG

* Evonik Industries completes acquisition of Air Products specialty additives business

* Synergies of $80 million and tax benefits with net present value exceeding $500 million over coming years

* Expected to increase adjusted earnings per share in 2017 business year

* Closing is scheduled for January 03, 2017

* All relevant antitrust authorities have approved transaction

* Transaction financing was completed successfully in september and will consist of company’s own funds in amount EUR1.6 billion

* Other half to be financed by bonds with a nominal value of EUR1.9 billion

* Annual synergy effects in amount of $80 million can be confirmed at this time and should be fully realized by 2020 at latest

* Evonik expects to leverage synergies in amount of EUR10 million to EUR 20 million in year 2017 Source text for Eikon: Further company coverage:

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