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Aramco acquires 100pc of specialty chemicals firm
Saudi Aramco, a world-leading integrated energy and chemicals company, has acquired the remaining 50 per cent stake in Arlanxeo, a Netherlands-based specialty chemicals joint venture.
With the acquisition, valued at €1.5 billion ($1.72 billion), Aramco becomes the full owner of the company, a 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, said an Aramco statement.
Saudi Aramco¡¯s purchase of Lanxess' share makes it 100 per cent 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 tyre 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, it said.