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Evonik will forge new apartment giant

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Die Zentrale von Evonik in Essen. Quelle: ap

The head of Evonik in Essen. Source: AP

HB FOOD. The Essen conglomerate Evonik has begun negotiations with the union IG BCE on the common housing THS firm with about 70 000 flats. The THS-flats, which lie mainly in North Rhine-Westphalia, will be merged with the approximately 60 000 dwellings of Evonik to a new company. It would create the third largest German housing company, told the mining, chemical and energy union and Evonik.

The business is projected in the circles to be implemented by early 2012. THS is one half each Evonik and the union. Many homes are from the common tradition of mining and are inhabited by former miners or their descendants.

A walk to the capital markets of the future joint venture is by no means certain. "Here comes in no grasshopper," it said company sources. The negotiators agreed to start conditions to ensure the tenants and employees: Even in the new company participation is parity with board representatives. The leases will remain unchanged. Compulsory redundancies as a result of the merger are excluded.

The Evonik’s real estate division achieved in 2009 with about 480 employees, an EBIT of 135 million euros. THS reached in 2008 (more recent figures are not available) with 487 full-time sales of 470 million euros and an EBIT of 176.7 million euros. Evonik intends to focus on its strategic nuclear field, the specialty chemicals. In addition to the changes in the real estate division, the Group is looking for its power plant division partner. In contrast, specialty chemicals purchased should be examined.