Saudi Arabia’s SABIC acquires 50 percent stake in Scientific Design
Saudi Arabia’s SABIC has acquired a 50 percent stake in Scientific Design, a leading licensor of high-performance process technologies and catalysts producer, the company announced in a statement to the media.
The stake was previously held by Switzerland’s Clariant AG, and the new acquisition gives SABIC full ownership.
The acquisition is expected to help the Saudi Basic Industries Corporation or SABIC meet “increasing catalyst demands, increase security of supply and the level of innovation with the sector,” the statement said.
SABIC is a global chemicals company headquartered in Riyadh. It boasts manufacturing hubs in the Americas, Europe, Middle East and Asia Pacific, specializing in chemicals, commodity and high-performance plastics, agri-nutrients and metals.
Last year, SABIC reportedly repositioned its Specialties division as a stand-alone strategic business unit to unlock growth opportunities that are independent of feedstock dynamics.
SABIC recorded a net profit of $6.15 billion in 2021 while sales revenues totaled $46.6 billion in the same year.
Total assets stood at $84.9 billion at the end of 2021. ALARABIYA NEWS
