Evonik is selling its German production plant in Lülsdorf and the associated cyanuric chloride business in nearby Wesseling to the International Chemical Investors Group (ICIG).
A GSK Stockmann team led by Markus Söhnchen and Gerhard Gündel advised Evonik on the transaction and legal M&A issues. The transaction includes the sale of Evonik Functional Solutions GmbH and Evonik CYC GmbH, among others.
Lülsdorf is an essential part of the Functional Solutions business line in Evonik’s Performance Materials division. Final handover of the facilities is planned for mid-2023. The closing of the transaction is subject to approval by the antitrust authorities, and still needs to be approved by the respective bodies at Evonik.
ICIG is taking over the entire site on the eastern bank of the Rhine in Niederkassel-Lülsdorf near Cologne as well as the associated cyanuric chloride plant located on the opposite riverbank in Wesseling, including over 600 employees and all the production facilities. ICIG already has subsidiaries active in the chlorine chemicals and speciality chemicals sectors and plans to further expand business at the two sites.
Evonik is a global leader in specialty chemicals. The company is active in more than 100 countries around the world and generated sales of EUR 18.5 billion and operating profit (adjusted EBITDA) of EUR 2.49 billion in 2022. With about 34,000 employees, Evonik goes far beyond chemistry to create innovative, profitable and sustainable solutions for customers.
ICIG is a chemical group based in Luxembourg with about 4,800 employees and annual sales of about EUR 4 billion.
GSK Stockmann: Markus Söhnchen (lead, transaction, corporate law, M&A), Gerhard Gündel (corporate law, M&A), Kristina Riedel (corporate law), Volker Hofstetter, Sascha Zentis, Katharina Odermatt, Claudia Maria Laszuk (all real estate law), Olaf Jacobsen, Hans-Michael Mache (both environmental law), Alexander Insam, Theofanis Tacou (both employment law), Petra Eckl, Felix Schill (both tax law), Kristina Marx (public law), Jörg Kahler, Martin Hossenfelder (both IP/IT law).