Evonik Industries AG is an industrial corporation in Germany owned by RAG Foundation. It was created on 12 September 2007 as a result of restructuring of the mining and technology group RAG. Evonik Industries united the business areas of chemicals, energy and real estate of RAG, while mining operations continue to be carried out by RAG. Evonik Industries employs about 43,000 employees and carries out activities in more than 100 countries. Its operations are separated into 14 business units.
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Historically Evonik Industries' businesses were part of RAG activities. The idea of splitting the company was put forward in 2005. The background of this idea was that RAG's core business of coal mining is carried out under government contract in Germany, while businesses transferred to Evonik competes on international markets. This structure did not permit the payment of dividends to the shareholders, which limited shareholders' readiness to inject equity into the RAG, which restricted company's ability to access fresh capital. As the first step—RAG’s shareholders sold their shares to RAG foundation (RAG-Stiftung) to split RAG. The Foundation was established on 10 July 2007 and the Evonik Industries was created on 12 September 2007.
The original plan foreseen IPO of Evonik Industries on the first half of 2008. However, this plan was postponed until mid-2010 at the earliest and instead of IPO the RAG Foundation started to look for strategic investor. In June 2008, the private equity firm CVC Capital Partners bought a stake of 25.01% in the company. Also Russian Gazprom was reported to have considered buying stakes in Evonik Industries.
The Chemicals Business Area of Evonik is concentrated in Evonik Degussa GmbH (formerly Degussa GmbH — an acronym of Deutsche Gold- und Silber-Scheide-Anstalt (German Gold and Silver Metals Separating Works)) based in Düsseldorf, Germany. It employs about 45,000 people and it is Germany's third largest chemistry company and the world's largest producer of specialty chemicals. Also the purification of precious metals was one of the central parts of Degussa. Degussa was acquired by RAG in 2006.
In 2003 Degussa was involved in a major controversy surrounding its involvement in the construction of the "Memorial to the Murdered Jews of Europe" (also known as "Holocaust Memorial") in Berlin. Degussa produced the anti-graffiti substance Protectosil used to cover the stelae which are the major element in the memorial. The controversy arose because a Degussa subsidiary had produced the Zyklon B used to poison people in Nazi gas chambers. The board of trustees of the memorial ultimately decided that, given the cost of eliminating Degussa's role in the project at that relatively late stage, the use of Protectosil ought to continue, despite protests from many Jewish groups.
The Energy Businees Area of Evonik is operated through Evonik Steag GmbH (formerly STEAG), which is the fifth largest power company in Germany, based in Essen. The company operates eleven hard coal-fired power plants, of which nine are located in Germany, and one in Turkey, Colombia and Philippines, and two industrial power plants. It operates also in the field of transport, processing and distribution of es hard coal, coke and byproducts from coal processing, as also in the field of gas supply, transport and trading.
Evonik Immobilen GmbH manages 60,000 residential units in Germany. In addition, it has 50% stake in the TreuHandStelle GmbH, which manage more than 75,000 residential units.