SABIC Sells European Petrochemical and Thermoplastics Operations for $950 Million
Saudi Arabia's SABIC has announced the sale of its European petrochemical business to AEQUITA for $500 million and its Engineering Thermoplastics operations to Mutares for $450 million. The divestment is part of a broader restructuring effort amid weak industry demand, leading to a 4.8% drop in SABIC shares.
Insights:
Saudi Basic Industries Corporation , commonly known as SABIC, has announced the sale of its European petrochemical business to AEQUITA for $500 million and its Engineering Thermoplastics operations to Mutares for $450 million, amounting to a combined enterprise value of $950 million. This move is part of SABIC's ongoing portfolio restructuring program, initiated in 2022, aimed at divesting lower-return operations amid a challenging chemical industry environment and cost pressures from its parent company, Saudi Arabian Oil Company , also known as Aramco.
