Saudi company to purchase majority stake in SABIC
Updated: Mar. 28, 2019 at 9:53 AM CDT
POSEY CO., IN (WFIE) - A Saudi Arabian company is set to buy a majority stake in plastics company SABIC.
SABIC, which operates a facility in Mt. Vernon, IN, announced Wednesday that Saudi Aramco signed a share purchase agreement to acquire a 70% majority stake in SABIC from the Public Investment Fund of Saudi Arabia in a private transaction.
The agreed purchase price for the shares is equivalent to $69.1 billion.
The transaction is subject to certain closing conditions, including regulatory approvals.
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