USA: Focus on Core Activities Sabic to Sell Polymershapes Business
Sabic has entered into a share purchase agreement to divest its Polymershapes distribution business to Blackfriars, a privately-held investment company.
Houston/USA — The transaction remains subject to customary closing conditions and is expected to be completed during the fourth quarter of 2016. The supplier of diversified chemicals emphasised that this sale would have no effect on the product distribution activities of its Specialties Strategic Business Unit (SBU). With the sale of its Polymershapes Business, Sabic intends to focus on its core activities.
“Polymershapes is an industry leader with a solid strategy and has been a profitable business for us,” said Yousef Al-Benyan, Sabic Vice Chairman and CEO. “As part of our ongoing effort to actively manage our portfolio, we concluded that this business no longer complements our core strategy.