This report offers a breakdown of Evonik’s offerings, its approach to innovation, and its place in the market. The report is part of a Lux series focused on major chemical and materials industry players. Evonik was created in 2007 as a fusion of two German industrial giants, the coal company RAG and the chemical company Degussa. Evonik was formed specifically to pay for remediation of environmental damage stemming from RAG’s coal mining. By 2016, Evonik had shed unrelated businesses to become strictly a chemical company. It is now further distilling its portfolio to become a more focused specialty chemicals player. The firm invests significantly in R&D, which, along with its strong external innovation focus through its CVC group, demonstrates its commitment to tech innovation. R&D is mostly focused on “four growth engines”: health and care, smart materials, animal nutrition, and specialty additives. Through its Creavis R&D organization, some 10% of its R&D efforts are focused on mid- and long-term projects.
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