Private equity gives Evonik auto shock absorber, says edwardcropley and gfhay:
German chemicals group Evonik said on March 4 it had agreed to sell its methacrylates plastics unit to buyout group Advent International for 3 billion euros.
The unit, which supplies plastics to the automobile sector, posted average earnings before interest, tax, depreciation and amortisation of around 350 million euros between 2016 and 2018. Evonik said it expects EBITDA of 350 million euros in 2019.
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