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Aramco fully-acquires ARLANXEO from Germany’s LANXESS

Aramco fully-acquires ARLANXEO from Germany’s LANXESS
The Saudi giant now holds 100% of shares in ARLANXEO

Riyadh – Mubasher: The Saudi Arabian Oil Company (Saudi Aramco), and LANXESS AG, a German chemicals company, on Monday announced the completion of Aramco’s acquisition of LANXESS‘s 50%-shares of ARLANXEO Holding B.V., a Netherlands-based specialty chemicals joint venture between the two companies launched in 2016.

All relevant authorities have granted approvals for the transaction which was first announced in August 2018, Aramco said in a press release.

The Saudi giant now holds 100% of shares in ARLANXEO, valued at Eur 1.5 billion, enabling further diversification of Saudi Aramco’s downstream portfolio, the company added.

ARLANXEO makes synthetic rubber and elastomer products and supplies feedstocks to tire and auto-parts manufacturers around the globe.

Aramco also noted that the deal will enhance its sustainability efforts to optimize tire performance-related fuel consumption in line with its efficient fuel/engine R&D strategy.

"I am positive about the upside and the future of product innovation that will serve our customers around the world," Saudi Aramco Senior Vice President of Downstream Abdulaziz Al-Judaimi said.

ARLANXEO will continue its operations, the company said, noting that it will maintain its current base in Maastricht, the Netherlands.