Huber Completes Sale of Silica Business to Evonik
September 11, 2017
The J.M. Huber Corporation has completed the sale of the Silica business unit of Huber Engineered Materials (HEM) to Evonik Industries AG, a global specialty chemicals company. The $630 million transaction, completed after approval from the European Commission and other global regulatory bodies, transfers to Evonik ownership of the HEM Silica facilities in North America, Europe and Asia.
Proceeds from the sale will enable Huber to invest and expand its product portfolio in other areas, including potential future acquisitions of specialty chemicals or materials businesses, the company stated. According to Evonik, bringing together the two diverse Silica businesses will further improve the company’s value proposition as an integrated global provider, better positioned to serve a broader base of customer needs, particularly in North America and Asia.
“The strength of our Huber Silica business was built, in part, from the collaborative spirit of our Silica employees, who adhere to best practices in Environment, Health, Safety and Sustainability, ethical behavior, respect for people, and operational excellence. These guiding principles at Huber are the foundation of our company culture and ability to deliver superb value for our customers,” said Mike Marberry, Huber president and chief executive officer.