Evonik completes acquisition of Tippecanoe Laboratories

Evonik Industries AG has completed the purchase of the Tippecanoe Laboratories manufacturing facility in Lafayette, Indiana, US, from Eli Lilly and Company.

The deal was closed on January 1, 2010. Financial terms were not disclosed. The site has a workforce of about 650 and produces active ingredients and intermediates for the pharmaceuticals industry.

The deal includes a long-term partnership with Lilly for the production of active ingredients and a multi-year supply agreement for active ingredients and intermediates for pharmaceuticals.

The site will be fully integrated into Evonik's global production and marketing network. The purchase of the site strengthens Evonik's exclusive synthesis business in the US and offers scope for further long-term growth.