J.M. Huber selling Silica unit for 630M

Edison-based materials company J.M. Huber Corp. is selling a business unit to a German specialty chemicals company for $630 million, it announced Friday.Evonik Industries AG signed a definitive agreement to buy Huber Engineered Materials’ Silica business, including facilities in North America, Europe and Asia. The deal will not affect other businesses under the Atlanta-based HEM umbrella, including its fire retardant additives and ground calcium carbonate units, Huber said.

“Silica has been part of Huber since the 1950s and paved the way for the company’s global expansion in engineered materials,” Mike Marberry, Huber’s CEO and president, said in a prepared statement. “While it is difficult to part with a longstanding business, we expect Evonik to be an excellent fit for our Silica customers and our Silica employees.”

The transaction is scheduled to close in the second half of 2017, pending customary approvals and conditions.

“Once the deal is closed, Huber expects to redeploy the proceeds from this sale to strategically invest in our core engineered materials businesses to further strengthen our portfolio of specialty products.”

BofA Merrill Lynch, Moeils & Co. LLC and Jones Day represented Huber in the transaction.