Gulf Oil and Gas accountACCOUNT

Aramco Completes Acquisition of Remaining 50% Stake in ARLANXEO JV from LANXESS

Source: www.gulfoilandgas.com 12/31/2018, Location: Middle East

Saudi Aramco, a world-leading integrated energy and chemicals company; and LANXESS AG, a leading German specialty chemicals company, announced the completion of Saudi Aramco’s acquisition of LANXESS‘s interest in ARLANXEO Holding B.V., a Netherlands-based specialty chemicals joint venture between Saudi Aramco and LANXESS launched in 2016. All relevant authorities have granted approvals for the transaction which was first announced in August 2018.

Saudi Aramco’s purchase of LANXESS’s 50% share in ARLANXEO, valued at €1.5 billion on an enterprise value basis, makes it 100% owner of ARLANXEO, enabling further diversification of Saudi Aramco’s downstream portfolio, and strengthening the company’s capabilities across the energy and chemicals value-chain.

ARLANXEO is a world-class synthetic rubber and elastomer products company that supplies feedstocks to leading tire and auto-parts manufacturers around the globe. As a fully owned subsidiary of Saudi Aramco, ARLANXEO will accelerate development of growth opportunities integrating the strong feedstock position of Saudi Aramco.

In addition, full ownership of ARLANXEO will enhance Saudi Aramco’s sustainability efforts to optimize tire performance-related fuel consumption in line with its efficient fuel/engine R&D strategy, which is focused on increasing fuel efficiency and reducing engine emissions. All of these efforts are well-aligned with Saudi Aramco’s overarching downstream aspiration to drive value by expanding and integrating its portfolio and partnerships, as well as creating additional revenue streams.

Abdulaziz Al-Judaimi, Saudi Aramco Senior Vice President of Downstream, commented on the acquisition by saying: "ARLANXEO, now as a 100% owned Saudi Aramco subsidiary, represents an essential component to our global position in the chemicals market. Full ownership of ARLANXEO will further diversify Saudi Aramco’s downstream portfolio and strengthen capabilities along the energy and chemicals value chains. I am positive about the upside and the future of product innovation that will serve our customers around the world."

As a wholly-owned subsidiary of Saudi Aramco, ARLANXEO will continue to serve the development, production, marketing, sale and distribution of specialty chemicals and synthetic rubber products, principally for the high-volume global tire and automotive industries. ARLANXEO will maintain its current base in Maastricht, the Netherlands.

Mergers and Acquisitions News in Saudi Arabia >>

Mexico >>  2/21/2019 - Nu-Oil & Gas has announced that Marginal Field Development Company ('MFDevCo'), the Company's 50%-owned joint venture, has entered into an agreement w...
United Kingdom >>  2/20/2019 - Private equity firm HitecVision is seeking to sell its British North Sea oil and gas production unit Verus Petroleum, which last year completed a stri...

United Arab Emirates >>  2/19/2019 - Rockwell Automation, the world’s largest company dedicated to industrial automation and information, and Schlumberger, the world's leading provider of...
France >>  2/18/2019 - Total has acquired Synova, a French leader in manufacturing high-performance recycled polypropylene for the automotive sector. ...

Netherlands Antilles >>  2/15/2019 - Shell has agreed to acquire 100% of sonnen, a leader in smart energy storage systems and innovative energy services for households. This follows an in...
United Kingdom >>  2/15/2019 - Rowan Companies plc (RDC) has received clearance from the United Kingdom's Competition and Markets Authority for its pending combination with Ensco pl...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Saudi Arabia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.