SABIC inks deal to sell Polymershapes unit to Blackfriars: report

07/09/2016 Argaam

Saudi Basic Industries Corp (SABIC) has signed an agreement with US-based investment firm Blackfriars Corp. to sell its Polymershapes unit, which distributes plastic sheet, rod, tube, film, and related products, Alriyadh newspaper reported on Tuesday, citing a company statement.

 

No further details were disclosed about the deal value.

 

The petrochemical producer said it expects to close the deal in Q4-2016 after completing regulatory procedures, Alriyadh reported. 

 

The sale of the non-core business will unlikely impact the distribution of SABIC’s specialist products, assets, liabilities or financial position. 

 

The divestment comes as part of the company’s transformation plan and strategy for 2025, said Yousef Al-Benyan, SABIC CEO and vice chairman.

 

When concluded, the deal would allow SABIC’s specialties strategic business unit (SBU) to focus on enhancing value-added services, Al-Benyan added. 

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