Orion was created in July 2011, when Triton and Rhone acquired the carbon black operations of Evonik Industries Group in a transaction valued at over €900 million. The company reported a 4 percent drop in revenue to €1.34 billion ($1.82bn) for 2013 from the previous year. The company posted a loss of €19 million, compared with a loss of €18.7 million a year earlier. Morgan Stanley and Goldman Sachs are the lead underwriters of the offering, the Luxembourg-based company told the US Securities and Exchange Commission. The company intends to list its common stock on the New York Stock Exchange under the symbol "OEC". Kinove intends to use the proceeds from its sale of common shares to repay the principal amount of its outstanding PIK toggle notes due 2019, the company said.