Sabic, the Middle East’s biggest petrochemicals company, has signed a deal to fully acquire US-based catalysts producer Scientific Design from Swiss speciality chemicals maker Clariant.
The deal is expected to close in mid-2022, if necessary approvals are received.
It will give Sabic full ownership of Scientific Design, which is currently a 50-50 joint-venture between Clariant and the Saudi company.
"Catalysts are the foundation of our business," Sabic's vice chairman and chief executive Yousef Al-Benyan said. "The acquisition of Scientific Design will strengthen our non-cyclical technology-oriented specialty business and move us closer to our long-term goal of becoming a global specialities leader."
The move is aimed at securing a greater share of the specialities market, Sabic said. Last year, the Saudi petrochemicals company unveiled plans to establish its specialities division as a stand-alone strategic business unit to tap into growth opportunities within the sector.
"Catalysts are the foundation of our business," Sabic's vice chairman and chief executive Yousef Al Benyan said. "The acquisition of Scientific Design will strengthen our non-cyclical technology-oriented specialty business and move us closer to our long-term goal of becoming a global specialities leader."
Scientific Design has operated as a joint venture for almost 20 years after Sabic's 50 per cent acquisition of the business in 2003.
Employing more than 170 people globally, it is a licenser of high-performance process technologies and developer of catalysts that are used in over 100 plants across more than 30 countries.
"By fully aligning mutual strengths, Sabic can realise new growth potential," it said.
Sabic’s specialities business makes products that include speciality engineering thermoplastic resins and compounds, composites, thermosets and additives, additive manufacturing services, as well as catalyst and process technologies.
