Evonik buys cosmetic ingredients maker Dr. Straetmans

The logo of German specialty chemical company Evonik Industries AG is pictured at their plant in Bitterfeld, Germany, February 29, 2016. REUTERS/Fabrizio Bensch

DUESSELDORF, Germany (Reuters) - German chemicals maker Evonik EVKn.DE will buy Hamburg-based Dr. Straetmans GmbH, a maker of cosmetic ingredients, for just under 100 million euros ($107 million).

Evonik plans to keep the acquired company’s Hamburg headquarters and expand activities there, Dr. Straetmans Managing Director Wilfried Petersen said, confirming a Reuters report.

People familiar with the matter said Evonik agreed to pay just under 100 million euros ($107 million) for the business.

Evonik, which declined to comment, last year agreed to acquire the specialty and coating additives operations of U.S. industrial gas producer Air Products and Chemicals for $3.8 billion, also to boost Evonik’s cosmetics ingredients business.

Among others, the Air Products deal at the time added substances which ensure that active cosmetic ingredients are absorbed by deeper layers of skin.

Writing by Ludwig Burger; editing by Georgina Prodhan and Jason Neely