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Saudi petrochemicals giant Sabic is breaking up its Innovative Plastics business unit, which last year produced 1.5mn tons of polymers and chemicals. Commodity products will be taken into the existing Chemicals and Polymers business units, while specialty chemicals will form the basis of a new Specialties business unit. The new structure will be in place by 1 January 2016.
The reorganization will address the “differing technology priorities” of commodity and specialty chemicals businesses. Prospects for commodity products will depend heavily on innovations around advancing feedstock technology, says Sabic. The specialty chemicals business faces “separate technology challenges,” including the need for technology acquisitions, partnerships and joint ventures. (CONTINUED - 615 WORDS)