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Evonik Increases Value of Innovation Pipeline

Growth fields should generate more than €1 billion in additional sales by 2025.

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

Evonik Industries is strengthening its innovative power. Last year, the specialty chemicals company increased the value of its innovation pipeline by half a billion euros. This now places the value of the pipeline in the lower single-digit billion euro range – a figure that is expected to continue growing over the next few years.
 
“Our innovation campaign is bearing fruit,” said Klaus Engel, chairman of the Executive Board of Evonik Industries. “The constant flow of new products, applications and business models is a major driver of profitable growth at Evonik. Innovations are to make an even larger contribution to sales and profit going forward.”
 
In the medium  term, the Group aims for products and applications developed in the past five years to account for more than 16 percent of sales. Currently, these constitute around 10 percent of sales.
 
“It’s an ambitious goal,” said Evonik Chief Innovation Officer Ulrich Küsthardt, “and we have taken additional steps in order to meet it.” Evonik has brought its innovation portfolio into focus, redefined its growth fields, and taken the development of its innovation culture still further. Küsthardt said, “We have a total of six growth fields, which we expect to contribute over €1 billion in additional sales by the year 2025,” said Ulrich Küsthardt, Evonik’s chief innovation officer.
 
These fields are in highly attractive markets where Evonik can offer new products and solutions in line with its core competencies, including sustainable nutrition, healthcare solutions and cosmetic solutions.
 
The planned acquisition of the specialty additives business (the Performance Materials Division) of US-based Air Products is expected to strengthen Evonik’s innovative power in the field of specialty additives. Air Products’ specialty additives business employs excellent R&D personnel and maintains a powerful R&D pipeline. 

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