Saudi Aramco and Lanxess sign JV Agreement

摘要

New Delhi, India: Saudi Aramco subsidiary, Aramco Overseas Company, and Lanxess have signed a 50:50 joint venture agreement to create a new company for the development, production, marketing, sale and distribution of synthetic rubber used in the global tire industry, auto-parts manufacturing and a wide range of other applications. Lanxess will contribute its existing synthetic rubber businesses to the joint venture. The businesses have 3,700 highly skilled employees, an established footprint of 20 production sites and 4 global research centres in nine countries across Europe, Asia and the Americas. In 2014 the business contributed approximately Euro 3 Billion to Lanxess group revenues. Saudi Aramco, through its subsidiary Aramco Overseas Company, will establish its stake in the new joint venture company via a share subscription and will bring financial stability, additional scale and resources, continued investment in technology, unrivalled opportunities to integrate with petrochemical facilities, and cost-competitive access to reliable feedstock supplies to the venture.