SABIC completes purchase of Huntsman business
Mohamed Al-Mady (front left) with a SABIC board delegation on a visit to Wilton and the site of the new LDPE project
Saudi Arabian company Saudi Basic Industries Corporation (SABIC) has completed the purchase of Huntsman's European-based chemicals and polymers business.
Mohamed Al-Mady, Vice-Chairman and CEO of SABIC, and Peter Huntsman, President and CEO of Huntsman Corporation, announced the deal at the end of December.
SABIC acquired 100 per cent of the shares of Huntsman Petrochemicals (UK) Ltd for US$ 685 million (approximately £350m) and the new entity has been renamed SABIC UK Petrochemicals.
About 850 former Huntsman Petrochemicals (UK) Ltd employees, including those at the Wilton Centre, transferred to SABIC.
SABIC will complete the construction of the new £200m polyethylene (LDPE) plant at Wilton, scheduled to come on stream by the end of the year.
Mr Al-Mady said: “This acquisition will enable us to accelerate our growth in Europe and strengthen our global market position.”
Boy Litjens, CEO SABIC Europe, said: “We are fortunate to have acquired a talented and committed workforce whom we welcome into the SABIC family.”