Chief honchos at Saudi Basic Industries Corporation (SABIC) Huntsman Corporation have agreed on terms under which SABIC will acquire 100% shares of Huntsman Petrochemicals (UK) Ltd. (Huntman's European Base Chemicals and Polymers business) for US$700 million in cash. This acquisition is a significant step in SABIC's global growth plans, as it will add substantial capacity to SABIC Europe and complement its strong home base in the Kingdom of Saudi Arabia.
The acquired manufacturing business operates a 865,000 tpa ethylene/400,000 tpa propylene cracker and 1.3 million tpa Aromatics facilities with elaborate logistical facilities at Wilton and North Tees. This deal will be followed by completion of construction of a 400,000 pta capacity polyethylene (LDPE) plant in Wilton, Teeside at an investment of US$150 million, scheduled to come on stream by the end of 2007.
03-Oct-06 
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