The present article studies wealth effects of global spin-off announcements of the chemical and pharmaceutical industry that were announced between January 2001 and October 2019. The cumulative average abnormal return over the 3-day event window is 3.91%. This result is significant at the 0.1%-level. Moreover, varying the event-window and utilizing a second statistical approach strongly supports these findings by yielding similar results at a 0.2% significance level which is rare for the event study methodology. This study strongly corroborates the hypothesis that wealth effects associated with spin-off announcements are very strong in the chemical and pharmaceutical industry.