SABIC, the world’s third largest diversified petrochemicals company, announced today that it is taking steps to establish certain elements of its Specialties business as a stand-alone business. The strategic purpose of this is to prepare the Specialties business to participate in further organic and inorganic growth, including a transaction under discussion with Clariant AG (“Clariant”), for which today both companies have signed a Memorandum of Understanding (MOU). The MOU would enable Clariant to create a new, “High Performance Materials” specialty chemicals business as an exceptional global platform for growth.
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