SABIC purchases Clariant's 50% share in Scientific Design
SABIC, a global leader in the chemical industry, has signed an agreement to purchase Clariant’s 50% stake in specialties company Scientific Design, currently a 50/50 JV with SABIC.
Subject to regulatory approval, expected in mid-2022, the transaction will give SABIC full ownership of Scientific Design, which is a leading licensor of high-performance process technologies and catalysts producer.
The move is aimed at securing a greater share of the Specialties market. Last year, SABIC repositioned its Specialties division as a stand-alone strategic business unit to unlock organic and inorganic growth opportunities that are independent of feedstock dynamics.
SABIC Vice Chairman and CEO, Yousef Al-Benyan said: “Catalysts are the foundation of our business. The acquisition of Scientific Design will strengthen our non-cyclical technology-oriented specialty business and move us closer to our long-term goal of becoming a global specialties leader. This is a growing global market and the Middle East region alone sources nearly $1.5 B worth of catalysts per year. We recognize the opportunity to help meet increasing catalyst demands, increase security of supply and the level of innovation with the sector.”
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