German chemicals group Evonik has agreed the key terms of a 3 billion Euro ($3.4 billion) sale of its methacrylates plastics unit to buyout group Advent a year after its decision to shed the business. The company announced plans in March 2018 to sell the business, looking to focus on faster-growing sectors, one such being feed additives.

German chemicals group Evonik has signed an agreement to sell its Methacrylates business to Advent International for €3 billion. The transaction is subject to approval by the authorities in several countries and is expected to close in the third quarter of this year. The deal comes one year after the company’s decision to sell the business. The company announced plans in March 2018 to sell the business and declared that it was looking to focus on faster-growing sectors, one such being feed additives. “Our growth engines are health and care, smart materials, specialty additives and animal nutrition. They have above-average growth and low cyclical exposure. The methacrylates business, which is part of the performance materials segment, is outside Evonik’s defines growth areas,” said a statement from the company. Evonik’s supervisory board has yet to sign off on the sale of the manufacturer of clear acrylic sheet and precursor materials, but the purchase agreement is being put together, the German group said in a brief statement. Evonik Animal Nutrition, which is operating under one of the three operative segments of the company, has offices in more than 60 countries and 13 labs on five continents that provide NIR and wet chemistry services.