Wednesday 19, September 2018 BY KUDAKWASHE MUZORIWA
Saudi Arabia Basic Industries Corp (SABIC), has announced that it is taking steps to establish certain elements of its specialties business as a stand-alone business, according to local newswire, Saudi Press Agency.
The process to create SABIC’s stand-alone specialties business is anticipated to take until the end of 2019.
The firm aims to prepare the specialties business to participate in further organic and inorganic growth, including a transaction under discussion with Clariant.
SABIC also announced that is has signed an MOU with Switzerland’s Clariant. The MOU would enable Clariant to create a new ‘high-performance materials’ specialty chemicals business as an exceptional global platform for growth.
Yousef Al-Benyan, Vice Chairman and CEO, said that the establishment of SABIC Specialties as a stand-alone business and the signing of a MoU with Clariant represent part of SABIC’s long-term growth and diversification strategy.