MOSCOW (MRC) -- Luxembourg-based Orion Engineered Carbons has acquired Evonik's 52% stake, and DEG's 15% stake, in Qingdao Evonik Chemical (QECC), said Chemicals-technology.
QECC is a carbon black joint-venture established by Evonik, DEG and Jiaozhou Finance Investment Center in 1994, in Qingdao, China.
With a production capacity of around 75,000t of carbon black per annum, the plant is equipped with three production lines. Its main manufacturing focus is on high-end carbon black products.
Orion CEO Jack Clem said: "We believe that this acquisition will greatly improve our ability to serve the highly important Chinese market, as well as the rest of the Asia-Pacific, over and above the current use of our global network for exports to that region."
"I am thrilled that our plant in Qingdao will become a key pillar of Orion's base of operations in APAC, joining our two plants in South Korea and our regional headquarters in Shanghai.
"This increased presence will enhance our portfolio of innovative products and solutions that are valued by our customers and business partners."
Initially, Orion will step into the established joint-venture in place of Evonik and DEG.
The company is in talks with the third partner involved in the joint-venture, Jiaozhou Finance Investment Center, regarding the transfer of JFIC shares to Orion in accordance with regulations governing Chinese state-owned enterprises.
The European Commission has already approved Orion's prospective acquisition of QECC, and is waiting for the Chinese government review, and other customary closing conditions. Orion expects to close the deal by the end of this year.
The company offers products for coatings, printing inks, polymers, rubber and other applications, and runs 14 global production sites and four applied technology centres.
As MRC informed earlier, Evonik Industries said in June 2015 completed the acquisition of Monarch Catalyst (Dombivli, India).
Orion Engineered Carbons is a worldwide supplier of Carbon Black. The company offers standard and high-performance products for Coatings, Printing Inks, Polymers, Rubber and other applications. Our high-quality Gas Blacks, Furnace Blacks and Specialty Carbon Blacks tint, colorize and enhance the performance of plastics, paints and coatings, inks and toners, adhesives and sealants, tires, and manufactured rubber goods such as automotive belts and hoses.
Evonik, the creative industrial group from Germany, is one of the world leaders in specialty chemicals. In its business activities, which are spread across three segments-Nutrition & Care, Resource Efficiency, and Performance Materials-Evonik’s greatest resources are its innovative prowess and integrated technology platforms.