Petrochemical supplier Saudi Basic Industries Corp. (Sabic) has sold its Polymershapes business to U.S.-based investment firm Blackfriars Corp.
The terms of the deal have not been disclosed.
The deal is expected to be completed during the fourth quarter of this year, Sabic said in a statement, adding that the unit was a non-core business and its divestment would not affect its distribution of other products or have a substantial impact on its finances.
According to Sabic, the unit is the world’s largest distributor of plastic sheet, rod, tube and film, serving over 35,000 customers with a distribution network of more than 75 branches in the U.S., Canada, Mexico and Chile.
Polymershapes “has been a profitable business for Sabic,” Sabic CEO and vice chairman Yousef Al-Benyan said in the Sabic statement. “As part of our ongoing effort to actively manage our portfolio, we concluded that this business no longer complements our core strategy.”
Headquartered in Northbrook, Ill., Blackfriars also owns Laird Plastics, a plastic shapes distributor located in Boca Raton, Fla.
