Veritas Legal Advises Evonik Industries Acquisition of Monarch Catalyst
Legal Adviser to Evonik
Financial & Tax Due Diligence
Evonik Industries AG, Essen announces the successful completion of the acquisition of Monarch Catalyst Pvt. Ltd., Dombivli on June 5th, 2015. An agreement to acquire Monarch Catalyst had been announced in March 2015, subject to certain closing conditions.
The company employs approximately 300 employees and will be renamed to Evonik Catalysts India Pvt. Ltd. All of Evonik’s future catalyst activities in India will be operated through the newly acquired company. The parties have agreed to keep the purchase price confidential.
Evonik with its Business Line Catalysts is a global leader in producing specialty catalysts, custom catalysts and catalysts components for the Life Sciences & Fine Chemicals, Industrial & Petrochemical and Polyolefines market segments. Monarch’s global activities in oils & fats hydrogenation catalysts range is a broadening of the Evonik catalysts portfolio. The activated base metal catalysts and precious metal catalysts portfolio strengthens Evonik’s positions in India and the Asia region. Monarch’s existing customer base will continued to be served through the established sales channels.
Patrik Wohlhauser, Chief Operating Officer and member of Evonik’s Executive Board sees this acquisition as an excellent opportunity to strengthen the catalysts business in the growth region Asia. “The Catalysts Business Line belongs to the core businesses in Evonik’s Resource Efficiency Segment. With this acquisition we complement our competencies in innovation for products and technologies to make our customers’ processes and products more efficient,” comments Wohlhauser. “The timing of the acquisition fits also well with the changes in India, where the political leaders have put economic growth again on the top of the agenda to leverage the great growth potential the sub-continent of India has,” says Wohlhauser.
“With Monarch’s business in oils & fats hydrogenation catalysts we are one of the globally leading suppliers in this growing market Segment,” says Dr. Wilfried Eul. Head of Evonik’s Catalysts Business Line. “With the new production site in the vicinity of Mumbai we will be in an even better position to serve our customers in the Life Sciences & Fine Chemicals Market Segment in India and the growth region Asia”, explains Eul. Evonik’s catalysts production network consists of 3 sites in Germany (Hanau, Marl Rheinfelden), Calvert City (Kentucky/USA), Americana (Brasil), Tsukuba (Japan), Shanghai (China) and an additional tolling site for precious metal catalysts in India.