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Markets News

Evonik to buy Porocel for $210 million to grow catalyst business

Aug 26 (Reuters) - German chemicals group Evonik Industries said on Wednesday it agreed to buy U.S. group Porocel for $210 million to accelerate growth at its catalyst business.

The deal, which Evonik expects to finalise by the end of 2020, would give Evonik access to regeneration of desulphurisation catalysts, and also to additional production capacities for its own catalysts, the company said.

The purchase price amounts to 9.1 times the target’s annual adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA), Evonik said.

Reporting by Bartosz Dabrowski in Gdansk Editing by Ludwig Burger

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