Evonik: we’re pausing M&A activity for two years
Evonik is pressing pause on M&A activity until at least 2027 while it concentrates on a ‘complex’ restructure. The company has announced a triple-step strategy ‘save, restructure, and grow. The post Evonik: we’re pausing M&A activity for two years appeared first on Global Cosmetics News.
THE WHAT? Evonik is pressing pause on M&A activity until at least 2027 while it concentrates on a ‘complex’ restructure. The company has announced a triple-step strategy ‘save, restructure, and grow.
THE DETAILS Indeed, according to a report published by Reuters, quoting an interview with Chairman of the Executive Board Christian Kullmann and the Rheinische Post, the company is mulling the future of its Marl and Wesseling service units.
The German ingredients supplier is also planning extensive lay offs; with some 2,000 jobs cut by 2027.
THE WHY? Evonik announced a new segment structure and leaner management model in December to take effect in April this year. Kullmann, said at the time, “In our current structure, it is no longer sufficient to solely focus on the criterion of specialty chemicals to drive the company forward. Its meaning has been completely blurred and no longer sufficiently differentiates us in the eyes of our customers and the capital markets.
“Going forward, we will manage Evonik in a more differentiated manner by leveraging the strengths of our two pillars: solutions and innovation-driven businesses on the one hand, and technology and efficiency-driven businesses on the other. Our new management model takes this approach into account.”
The post Evonik: we’re pausing M&A activity for two years appeared first on Global Cosmetics News.
