Evonik Industries AG agreed to acquire materials and additives units from Air Products & Chemicals Inc. (NYSE: APD) in a deal valued at $3.8 billion that increases its exposure to the U.S. market with high-margin chemicals used in insulation, household detergents and auto parts.

The performance materials business includes polyurethane additives, epoxy curing agents and high-margin amines generating about $250 million in earnings before interest, taxes, depreciation and amortization. Tax benefits amount to $500 million, the Essen, Germany-based company said in a statement Friday. The price implies a multiple of about 15.2 times earnings, not including savings.

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