Business Services Industry
Sabic completes purchase of Huntsman's UK base chemicals and polymers business.
Middle East and North Africa Business Report, December, 2006
Dec. 31--Mohamed Al-Mady, Vice Chairman and CEO of Saudi Basic Industries Corporation (SABIC) and Peter Huntsman, President and CEO of Huntsman Corporation (NYSE: HUN) today announced the completion of the purchase of Huntsman's UK Base Chemicals and Polymers business. Under the terms of the deal SABIC has acquired 100 per cent of the shares of Huntsman Petrochemicals (UK) Ltd for a purchase price of US$ 700 million in cash. The new entity has been renamed SABIC UK Petrochemicals. The acquisition marks a significant step in SABIC's global growth plans. The former Huntsman business adds substantial capacity to SABIC Europe and complements the group's strong home base in the Kingdom of Saudi Arabia. All 850 Huntsman Petrochemicals (UK) Ltd employees will transfer to...
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