Evonik to launch second phase of restructuring in 2027, pursues unit sales

By Matthias Inverardi

DUESSELDORF, Germany, Sept 22 (Reuters) - Evonik Industries plans to launch the second phase of its landmark restructuring programme in 2027, including sales of two businesses, the German chemicals group said on Tuesday.

The next phase of Evonik's biggest ever corporate overhaul will run through 2029. It was initially launched in 2024 with an aim to reduce the workforce by more than a fifth and sharpen the group's focus on its core businesses.

"We will use this polycrisis to change old structures and position ourselves better," interim CEO Claus Rettig said following a strategy meeting between the executive and supervisory boards.

As part of the restructuring, Evonik plans to divest subsidiaries Oxeno and Syneqt, which together employ about 4,300 people.

"We are in talks with investors regarding Oxeno; that is not yet the case for Syneqt," Rettig said. "But it is clear that a sale will take place in both instances."

He expects progress on a potential Oxeno deal this year, while the sale process for Syneqt, which employs around 3,500 people at sites in Marl and Wesseling, Germany, is set to begin in 2027.

Detailed restructuring measures, due to be finalised by the end of 2026, include a hiring freeze for vacated positions, early retirement schemes and voluntary departures supported by severance packages.

The group did not mention any changes to the 2026 outlook. "We will have a good year," Rettig told reporters.

Rettig, who is leading Evonik on a temporary basis after CEO Christian Kullmann stepped down in August due to illness, said he expected Kullmann to return next year and that the restructuring programme would continue as planned.

(Writing by Anastasiia Kozlova in Gdansk, editing by Milla Nissi-Prussak)