Evonik Industries AG, Germany’s second-largest chemical maker, set a full-year earnings goal below analyst estimates as Chief Executive Officer Klaus Engel battles stagnant prices with an extended savings drive.
Foiled in three attempts at listing Evonik Industries AG on Germany’s stock market, Chief Executive Officer Klaus Engel has found a new way to achieve an initial public offering of the $18 billion chemical maker.
Evonik Industries AG, the German chemical maker that listed shares in Frankfurt in April, reported third-quarter earnings that beat analyst estimates as a cost-cutting program started to deliver savings.
Evonik Industries AG Chief Executive Officer Klaus Engel expects the German chemical industry to grow in 2011 even with an imminent economic slowdown, Deutsche Presseagentur reported, citing a statement.
Evonik Industries AG is seeking a buyer for a unit making color blends used in adhesives and paint as Chief Executive Officer Klaus Engel focuses the company on specialty chemicals ahead of an initial public offering.
Daimler AG, the third-biggest maker of luxury cars, will acquire Evonik Industries AG’s 50.1 percent stake in their Li-Tec joint venture, making it the sole owner of the lithium-ion battery-cell manufacturer.