Saudi Aramco, the world's leading integrated energy and chemical company Lanxess, the leading German specialty chemicals company, announced here today the completion of Saudi Aramco's acquisition of Lanxess's stake, in Arlanxeo, a Netherlands-based joint venture with specialty of chemicals, which was launched by the two companies, in 2016.
The acquisition was made by Saudi Aramco for the 50% stake in the Arlanxeo project, valued at € 1.5 billion, based on the full value of the facility.
Such step would strengthen Saudi Aramco's efforts to diversify the company's refining, processing and marketing business and value chain, in the field of energy and chemicals.
Arlanxeo is one of the world's leading manufacturers of synthetic rubber and elastomer plastics, which is supplied to major tire manufacturers and automotive parts worldwide.
It would also support Saudi Aramco's sustainability efforts to improve fuel efficiency associated with tire performance, in line with Saudi Aramco's research and development strategy for fuel efficiency and engines, which focuses on increasing fuel efficiency and reducing engines' emissions.