BERLIN – Sept. 12, 2011 – Saudi Basic Industries Corporation (SABIC) announced in Berlin today that it has entered into an agreement to purchase an equity stake in INPRO, a joint venture (JV) dedicated to collaborative innovation in automotive production. SABIC will join Daimler, Siemens, ThyssenKrupp and Volkswagen as equity owners in the group. The Federal State of Berlin has also held shares in INPRO since its founding in 1983. SABIC comes to the JV with 45 years of experience as a leading industry pioneer in automotive engineering plastics material technologies and application development, primarily through the dedicated automotive division of its Innovative Plastics strategic business unit, and will fully participate in INPRO’s joint innovation projects. Joining the INPRO JV reflects SABIC’s decades-long record of proactive engagement with the industry to advance lightweight material innovation across the world and to help OEM customers solve some of their most critical challenges.
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