German chemicals giant Evonik has pressed pause on new acquisitions until at least 2027, according to CEO Christian Kullmann.
In a newspaper interview with Rheinische Post, Kullmann said it will instead focus on the largest restructuring in the company's history.
"Our triple-step strategy – save, restructure, and grow – is complex enough. We'll look beyond 2027," said Kullmann.
Evonik last year announced plans to cut up to 2,000 jobs worldwide by the end of 2026 in an effort to make annual cost savings of €400m ($454m).
The company will decide on the future of its service units at the Marl and Wesseling sites, which employ 3,600 staff by 2026, Kullmann said, adding that all options were on the table, including retaining the units, forming a joint venture, and selling them to investors or to chemical park operators.
Evonik has made 16 acquisitions since 2016, according to market research and data platform Tracxn.
In the personal care space, acquisitions made during that time include Novachem, Botanica, innoHealth, Infinitec Activos and Dr. Straetmans.
