ReutersBy Ludwig Burger
FRANKFURT, March 6 (Reuters) - Germany's Evonik said on Tuesday it plans to sell its methacrylates plastics unit, which makes clear acrylic sheet, as it looks to focus on faster-growing sectors such as feed additives and rubber silica for tyres.
Evonik derived about 1.5 billion euros in 2017 sales from clear acrylic sheet and the methacrylate chemicals, accounting for about 10 percent of its 2017 revenue of 14.4 billion.
Helped by its recent purchases of additives businesses from Air Products and of J. M. Huber's silica operations, Evonik on Tuesday reported an 8 percent gain to 474 million euros ($585 million) in fourth-quarter earnings before interest, taxes, depreciation and amortisation (EBITDA) adjusted for one-offs.
That was slightly below the 479 million expected by analysts in a Reuters poll as weak prices for poultry feed additives outweighed strong demand for engineering plastics and rubber silica.
Evonik in November said it would slash administrative costs as profit margins narrowed and after recent acquisitions accounted for most of its earnings growth.
The company, which is controlled by a state-backed foundation, lags peers such as BASF, Lanxess or DSM in trading multiples of expected core earnings.
Evonik has targeted an adjusted group EBITDA for 2018 of 2.4-2.6 billion euros, up from 2.36 billion last year. Analysts' current consensus is 2.46 billion.
($1 = 0.8099 euros)
Read Again Evonik to sell methacrylates unit to focus on faster-growing sectors : http://ift.tt/2FXGe2N
Bagikan Berita Ini
0 Response to "Evonik to sell methacrylates unit to focus on faster-growing sectors"
Post a Comment