Product category:
Oil, Gas, Petrochemical Industry News
News Release from: SABIC
Edited by the Processingtalk Editorial
Team on 03 January 2007
Completion on base chemicals and
polymers business
SABIC has completed the purchase of the Huntsman UK base chemicals and polymers business on 29 December 2006
Mohamed Al-Mady, Vice Chairman and CEO of Saudi Basic Industries Corporation and Peter Huntsman, President and CEO of Huntsman Corporation have announced the completion of the purchase of the Huntsman UK Base Chemicals and Polymers business Under the terms of the deal SABIC has acquired 100 per cent of the shares of Huntsman Petrochemicals (UK) for a purchase price of US$700 million in cash
This article was originally published on Processingtalk on 18 Jul 2003 at 8.00am (UK)
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The new entity has been renamed SABIC UK Petrochemicals.
The acquisition marks a significant step in the SABIC global growth plans.
The former Huntsman business adds substantial capacity to SABIC Europe and complements the group's strong home base in the Kingdom of Saudi Arabia.
All 850 Huntsman Petrochemicals (UK) employees will transfer to SABIC.
The acquired manufacturing business operates an 865ktpa ethylene / 400ktpa propylene cracker and a 1.3million tpa Aromatics facility with logistical facilities at Wilton and North Tees.
SABIC will complete the construction of a new 400ktpa capacity polyethylene (LDPE) plant in Wilton on Teesside.
It is scheduled to come on stream by the end of 2007.
Commenting on the acquisition, Mr Al-Mady said: "I am pleased that the regulators have given their unconditional approval for this deal.
This acquisition will enable us to accelerate our growth in Europe and strengthen our global market position.
It will also provide additional value to our customers".
Boy Litjens, CEO SABIC Europe added: "We are fully committed to realizing the full potential of this acquisition and we intend to invest and grow the business in the future, including the continued construction of the new polyethylene plant.
We are fortunate also to have acquired a talented and committed workforce whom we welcome into the SABIC family.
We now start with the alignment and integration of the new business within our SABIC Europe organization".
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