Evonik to sell methacrylates business to investment group Advent

German chemicals producer Evonik is selling its methacrylates business to private equity investor Advent International for 3 billion euros (US$3.5 billion).

Evonik’s methacrylates business covers its methacrylates, acrylic products and CyPlus business lines, and some of the methacrylate resins activities. The business has 18 production sites and 3,900 employees worldwide.

In a statement, Essen-based Evonik said that it put these operations on the market as part of its systematic strategy of sharpening its focus on specialty chemicals, “which are less cyclical.” But the company also said it plans to retain some of its methacrylate resins activities.

Evonik also describes Advent, which is headquartered in Boston, as one of the “most experienced financial investors in the chemical industry in the world”, with more than 30 investments over three decades.

The transaction is expected to close in the third quarter of this year.