SABIC sells Polymershapes distribution business

SABIC has entered into a share purchase agreement to sell its Polymershapes distribution business to Blackfriars Corp., a privately-held investment company. The transaction remains subject to customary closing conditions and is expected to be completed during the fourth quarter of 2016.

SABIC stressed that this sale will have no impact on the product distribution activities of its Specialties Strategic Business Unit (SBU). Similarly, the sale will not materially affect  the value of SABIC’s assets, its financial standing, or the strategic course of its businesses.

The sale of Polymershapes will enable SABIC to focus on its core activities and is a continuation of the company’s ongoing efforts to assess new investment opportunities around the world, enabling it to achieve its strategic goals.