Evonik advances divestment program

Evonik Industries has completed the sale of one of its three performance materials businesses and is looking to sell another. The German company’s superabsorbent polymers unit is now owned by International Chemical Investors Group (ICIG). The superabsorbent business had sales last year of close to $1 billion and includes plants in Germany and the US. Evonik sold a second performance materials business, which makes inorganic chemicals, to ICIG last year. The firm says it is now starting the sale process for the third business, which produces C4 chemicals, isononanol, and other products.