SABIC Sells Polymershapes to Blackfriars
SABIC has sold its Polymershapes business to US investment firm Blackfriars Corp. for an undisclosed price. Polymershapes is a major distributor of plastic sheet, rod, tube and film, serving more than 35,000 customers through its network of over 75 locations in the US, Canada, Mexico and Chile.
The Saudi Arabian chemical giant said that while Polymershapes had been a profitable business, it no longer fitted in with its future plans. “As part of our ongoing effort to actively manage our portfolio, we concluded that this business no complements our core strategy,” said SABIC vice chairman and CEO Yousef Al-Benyan.
SABIC said the sale would not affect its distribution activities or have a substantial impact on its finances. Al-Benyan said the group would direct resources more intently on providing specialty resins and chemicals and/or their formulations or forms, as well as studying potential growth opportunities. The transaction is expected to complete during the fourth quarter of 2016.
Blackfriars, based in Northbrook, Illinois, also owns Laird Plastics, a major plastics distributor located in Boca Raton, Florida.
