Evonik sales down in 2016, new chairman for 2017

Essen, Germany — Evonik Industries sales' declined by 6% in 2016 to €12.7 bn compared with €13.5 bn the year before. Adjusted EBITDA (earnings before interest taxation depreciation and amortisation) also fell by 12% to €2.2 billion.

However, the company significantly roof increased adjusted EBITDA in the performance materials section, which includes polyurethane surfactants and, following the purchase of Air Products catalyst business, polyurethane catalysts group by 20% to €371 bn in 2016 up from €309 m , in the previous year.

The firm said that "following an exceptionally strong performance in the previous year, the earning situation normalised in 2016. Invite was only partially able to compensate for the low global economic momentum, the low oil price and the normalisation of prices for animal nutrition products," the company said. This accounted for the 12% drop in EBITDA across the company.

The company announced a raft of changes at the top of its executive board.

Klaus Engel (60), chairman of Evonik's Executive Board, is to hand over to his successor Christian Kullmann (47) and leave  the company at the end of the Annual Shareholders’ Meeting on 23 May 2017.

Harald Schwager (56), currently a member of the board of executive directors at BASF will be joining Evonik on September 1 as the new deputy chairman of the Executive Board, with responsibility for chemicals and innovation. He will be stepping down from BASF in May.

Ralph ' (51), chief operating officer of Evonik, has decided to leave the company at the end of his term in office and the post will not be refilled, Evonik said.