RIYADH: Saudi Basic Industries Corp.— known as SABIC — completed the purchase of Clariant’s 50 percent stake in specialties company Scientific Design. 

With this transaction, the Riyadh-based chemicals maker will fully own Scientific Design, which is a leading licensor of high-performance process technologies and catalysts producer, according to a statement.

‘‘The acquisition will deepen SABIC’s growth in the specialties market, and will help the company meet increasing catalyst demands, increase security of supply and the level of innovation within the sector,” it said.

SABIC repositioned its specialties division as a stand-alone strategic business unit in 2021, to unlock organic and inorganic growth opportunities that are independent of feedstock dynamics, the statement added.

The company’s specialities division produces highly differentiated products, which include specialty engineering thermoplastic resins, compounds and additives, as well as catalyst and process technologies.

SABIC recorded a net profit of SR23 billion ($ 6.15 billion) in 2021. The company achieved sales revenues for 2021 of SR174 billion, while total assets stood at SR318 billion at the end of 2021. 

The company’s production in 2021 stood at 58 million metric tons.