Rutgers, a German chemicals group, has completed the second of three disposals from its specialist plastics division with the sale of Bakelite to Apollo Management, the US buy-out firm, for an undisclosed price.

The competitive auction initially attracted interest from a variety of large-cap private equity bidders which included Blackstone and Kohlberg Kravis Roberts and from mid-market houses including Electra, Bridgepoint and Barclays Private Equity.