Evonik

About Evonik

You might not know Evonik, but its products are likely in your car, your running shoes, and even your animal feed. Evonik is a global specialty chemicals company, meaning it creates the high-value, innovative ingredients that make thousands of everyday products better. The company's story isn't a typical startup tale. Evonik Industries was formally established on September 12, 2007, as part of a major restructuring of RAG AG, the German coal mining conglomerate. There were no individual founders in the traditional sense; instead, Evonik was created by the RAG Foundation. This foundation was established to manage the long-term financial liabilities from the decline of Germany's hard coal mining industry. Evonik's profits were intended to help fund these "perpetual costs." Evonik's chemical roots, however, run much deeper, tracing back to predecessor companies like Degussa, founded in 1873. RAG acquired Degussa in 2006, making it the core of its future industrial activities. When Evonik was formed, it initially held RAG's chemical, energy, and real estate assets. However, a strategic pivot two years later saw the company focus exclusively on its most profitable division: specialty chemicals. This sharpened focus led to an IPO on the Frankfurt and Luxembourg stock exchanges in April 2013. In the years since, Evonik has grown through strategic acquisitions, strengthening its position in high-margin markets. Today, Evonik operates in over 100 countries as a leader in specialty chemicals. The company is currently undergoing a significant restructuring to improve efficiency and has paused major acquisitions until 2027 to focus on this internal transformation and growth.