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Evonik to close Hamburg and Bitterfeld production sites in Germany
Specialty chemicals company Evonik has announced the closure of two production sites in Germany to reduce costs and address structural fragmentation. The company plans to close its Hamburg facility, which employs approximately 50 people in the cosmetics and personal care sector, by mid-2025. Production from this site will be transferred to a larger facility in Essen.
Additionally, the Bitterfeld site, which employs about 40 people in chlorosilane production, is scheduled to close by the end of April 2027. Management cited increasing competitive pressure from Asia and insufficient capacity utilization as reasons for the Bitterfeld closure. Evonik stated it intends to work with employees to develop “möglichst sozialverträgliche Lösungen” (as socially acceptable solutions as possible).
In financial news, JPMorgan has maintained an Underweight rating on Evonik stock, setting a price target of 14 EUR, which is significantly lower than recent trading levels on the Xetra exchange.
Entities
Bitterfeld · Essen · Evonik · Hamburg · JPMorgan
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 2 SOURCES] The company is closing its Hamburg site by mid-next year. www.it-boltwise.de · www.wr.de
- [● 2 SOURCES] Approximately 50 employees in Hamburg work in cosmetics and personal care products. www.it-boltwise.de · www.wr.de
- [○ 1 SOURCE] Production from Hamburg will be moved to the Essen Goldschmidtstraße site. www.wr.de
- [● 2 SOURCES] Approximately 40 employees in Bitterfeld are involved in chlorosilane production. www.it-boltwise.de · www.wr.de
- [○ 1 SOURCE] The company aims to reduce costs caused by fragmented production, administrative, and laboratory structures. www.it-boltwise.de
- [● 2 SOURCES] The Bitterfeld site is scheduled to close by the end of April 2027. www.it-boltwise.de · www.wr.de
- [● 2 SOURCES] Evonik plans to work with employees to find socially responsible solutions regarding site closures. www.it-boltwise.de · www.wr.de
- [○ 1 SOURCE] JPMorgan maintains an Underweight rating on Evonik with a price target of 14 EUR. www.ad-hoc-news.de