The firm aims to prepare the specialties business to participate in further organic and inorganic growth, including a transaction under discussion with Clariant.
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.
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.