Evonik pauses mergers and acquisitions until 2027 for restructuring
Evonik is reportedly pausing all mergers and acquisitions activities until 2027 as part of its restructuring strategy. The company plans to cut 2,000 jobs globally before the end of next year. It wants to focus on current resources, biobased solutions, and energy transitions to generate a better circular economy.
Last year, the specialty chemicals company announced the plan to cut up to 2,000 jobs globally, reducing costs by €400 million (US$453 million). In its Q1 report for 2025, Evonik says its restructuring and cost-cutting measures are taking effect.
“We promised to carry out the reorganization in a socially responsible manner, and we are keeping our word. The reorganization and the planned job cuts are going according to plan and in close consultation with employee representatives,” Thomas Wessel, chief human resources officer and labor director at Evonik, says in a statement.
Prior Evonik acquisitions and partnerships
The new restructuring plan of halting acquisitions contrasts with the company’s prior strategy. It has acquired 16 companies since 2016.
In 2023, Evonik acquired Novachem, an Argentinian sustainable cosmetics chemical company specializing in biotechnology and active ingredients in cosmetics for skin and hair care. It applies science and technology to create eco-certified actives from live microorganisms. Evonik said it would integrate Novachem into its Care Solutions business line within the life sciences division Nutrition and Care.
Evonik announced it will cut up to 2,000 jobs globally.“Even though Novachem is a smaller company compared to Evonik, they are a very strong and great player in natural actives from Latin America. From Evonik, we want to bring in the global distribution network to launch the products of Novachem globally and we want to make use of the innovation power of both companies to develop the future,” Dr. Kai-Steffen Krannig, head of Botanicals and Natural Actives at Evonik, told us at In-cosmetics in Paris, France, 2024.
Previously, Evonik joined forces with Intercos in a direct supply agreement at the fifth China International Import Expo. The agreement entailed Evonik supplying raw materials, including active ingredients, cosmetic oils, and emulsifiers, to benefit local cosmetics companies with improved ingredients.
Last year, Personal Care Insights spoke with Evonik about its multi-million dollar plant in Steinau, Germany, to meet a high demand for cosmetic emollients with a 200-product portfolio.
“We are investing in technology of the future. Emollients are an important component of cosmetic products, and we have seen a sharp rise in demand for sustainable emollients in recent years,” the company told us.
