SABIC Buys Clariant’s Stake in the Scientific Design

SABIC, the world’s leading petrochemical company signed an agreement to purchase Clariant’s 50 percent stake, in the Scientific Design.

It is currently a 50-50 joint venture between the two companies.

The deal which is awaiting regulatory approvals by mid-2022, is expected to give SABIC full ownership of Scientific Design, a leading high-performance industrial technology licensing and catalyst development company.

The move aims to expand SABIC’s share in the specialized products market.

Last year, the company reorganized its business in the field of specialized products, by making it an independent entity, with the aim of providing room for various growth opportunities that are not impacted by factors affecting feedstock materials.

The catalysts are the basis for the company’s business, Yousef Al-Bunyan, SABIC Vice Chairman and CEO, stated, saying: Therefore the deal enhances the niche products business, based on innovation and advanced technologies and are not affected by economic cycles.

With this, SABIC is on track to achieve its long-term goal of becoming the leading global company, in specialty products.

Specialty products are a growing global market, as the Middle East alone consumes about $1.5 billion, in catalysts, annually, creating an opportunity to contribute to meeting the growing demand for catalysts, enhancing supply reliability, and raising the level of innovation in this sector.