Saudi Basic Industries Corporation acquired 50% stake in Scientific Design Company, Inc. from Clariant AG for $130 million.
April 14, 2022
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Saudi Basic Industries Corporation (SASE:2010) signed definitive agreements to acquire 50% stake in Scientific Design Company, Inc. from Clariant AG (SWX:CLN) for $130 million on February 2, 2022. The final amount is payable at closing, which is subject to the receipt of the required regulatory approvals. The closing is expected to take place in mid-2022.
Saudi Basic Industries Corporation (SASE:2010) completed the acquisition of 50% stake in Scientific Design Company, Inc. from Clariant AG (SWX:CLN) for on April 14, 2022. Clariant intends to use the proceeds of the divestment to invest into growth projects within the core Business Areas, execute the strategy along sustainability and innovation, fund the performance improvement programs as well as strengthen Clariant's balance sheet to reach and defend a solid investment grade rating.
Clariant AG is a Switzerland-based producer of specialty chemicals. It operates through three business areas: Care Chemicals, Catalysis, Natural Resources. The Business Area Care Chemicals serves customers in the personal care, home care, paints and coatings, and crop solutions markets. Business Area Catalysis offers catalytic and biofuel solutions. The Business Area Natural Resources offers products and customer-tailored solutions for mineral, foundry, oil, and gas extraction businesses, as well as for food, plastics, coatings, adhesives, and inks applications.