Saudi Basic Industries Corp. (SABIC) completed the purchase of chemicals company Clariant’s 50 percent stake in specialties company Scientific Design.
With this transaction, SABIC will fully own Scientific Design, which is a licensor of high-performance process technologies and catalysts producer, according to a Saudi Press Agency (SPA).
The acquisition will deepen SABIC’s growth in the specialties market and will help the company meet increasing catalyst demands, increase security of supply, and the level of innovation within the sector.
SABIC repositioned its specialties division as a stand-alone strategic business unit in 2021, to unlock organic and inorganic growth opportunities that are independent of feedstock dynamics.
SABIC recorded a net profit of 23 billion riyals in 2021.
Also, the company achieved sales revenues for 2021 of 174 billion riyals, while total assets stood at 318 billion riyals at the end of 2021.
