Saudi SABIC buys Huntsman UK for 700 mln dlrs

0 Comments | AFP, December, 2006

RIYADH (AFP) — Saudi petrochemicals giant SABIC announced on Friday it has purchased a European subsidiary of US-based Huntsman Corporation for 700 million dollars. Saudi Basic Industries Corporation has acquired 100 percent of the shares of Huntsman Petrochemicals (UK) Ltd, which has been renamed SABIC UK Petrochemicals, SABIC said in a statement.

Following finalization of the deal, which was first announced three months ago, SABIC will complete the construction of a 400 kilotons per annum capacity polyethylene plant in Wilton, Teesside, in the northeast of England, the statement said. The acquired business operates an ethylene-propylene cracker and aromatics facilities and their associated logistics at Wilton and North Tees, it said. All 850 employees of the purchased...