Brussels, 29 July 2022
The European Commission has approved, under the EU Merger Regulation, the creation of a joint venture by Evonik Operations GmbH of Germany and Evonik Co. Ltd. of China (together ‘Evonik’) and AVIC Composite Corporation Ltd. (‘ACC’) of China. The joint venture will produce and market polymethacrylimid (PMI) foam and polyether ether ketone (PEEK) based powders, resins and compounds.
Evonik is a specialty chemicals company ultimately controlled by RAG-Stiftung of Germany. ACC is a Chinese state-owned aerospace company that produces and markets aircrafts and aircraft parts. The Commission concluded that the proposed acquisition would raise no competition concerns, given that the joint venture has negligible actual or foreseen activities in the European Economic Area. The transaction was examined under the simplified merger review procedure. More information is available on the Commission’s competition website, in the public case register under the case number M.10756.
Source – EU Commission