Media ININ Economy We Trust
Media In / Agencies / Riyadh 18 September
Saudi Basic Industries Corporation (SABIC) and Clarent have signed a memorandum of understanding that enables Clarent to set up a specialty chemicals business to produce high performance materials. The project is an exceptional extension of SABIC’s global growth. Is currently taking steps to restructure specific elements of its unit of specialized products in order to prepare this important sector of its business to participate in the company’s growth process.
The establishment of an independent entity for SABIC’s specialized products is expected to take place until the end of 2019. When the two parties reach agreement on this project, parts of SABIC’s specialty products, including Altem ™ resin, Norel ™ unique, NB and Copolymers will be integrated with Clarinet products and its high value components as part of Clarent, giving Clarent a unique competitive edge to become a leading supplier of high performance materials and solutions in the specialty chemical industry.
The announcement comes after SABIC recently received regulatory approvals for its acquisition of a 24.99% stake in Clarent, making it the largest shareholder in the company. SABIC currently has no plans to fully acquire the company, (Clarent AG).
