Weekly MENA Newsletter will be delivered to your email in PDF format every Friday (52 Issues per Year).
Saudi petchems giant Sabic is selling its Polymershapes distribution business to US investment firm Blackfriars for an undisclosed sum. Polymershapes is the world’s largest distributor of plastic sheet, rod, tube and film.
While Polymershapes “has been profitable for Sabic,” says CEO Yusuf al-Binyan, it “no longer complements our core strategy.” Last year Sabic began shaking up its plastics business to focus on specialty chemicals rather than commodity plastics (MEES, 16 October 2015).
Polymershapes was part of Sabic’s $11.6bn purchase of GE Plastics in 2007. While the deal broadened Sabic’s plastics portfolio, the global commodity plastics market grew tougher as producers got access to cheaper feedstocks such as US shale gas. (CONTINUED - 190 WORDS)