Mutares SE & Co. KGaA signed an agreement to acquire SABIC’s Engineering Thermoplastics business in the Americas and Europe in a deal valued at $450 million on an enterprise-value basis, marking the largest transaction in Mutares’ history by revenues. The company said the acquisition is expected to close in the second half of 2026, subject to customary regulatory and other approvals.
The transaction establishes a new strategic segment for Mutares, “Chemicals & Materials,” with the SABIC engineering thermoplastics unit positioned as the segment’s core platform. Mutares said the segment will also include Venator Ultramarine Blue Pigments, as it builds a broader footprint in specialty chemicals and advanced materials.
SABIC’s regional engineering thermoplastics business generates approximately $2.5 billion in revenue and operates eight production facilities across the Americas and Europe with about 2,900 full-time employees. The platform includes resin production capacity of roughly 1,085 kilotons and compounding capacity of about 780 kilotons. Product lines span polycarbonates (PC), polybutylene terephthalate (PBT), and acrylonitrile butadiene styrene (ABS) resins and compounds, supported by established brands including LEXAN, CYCOLOY, VALOX, and CYCLOLAC.
Mutares highlighted the unit’s competitive positioning across key thermoplastics categories, describing it as the world’s second-largest PC producer, the leading ABS producer in the U.S., and the only PBT producer in the U.S. The business serves a diversified mix of end markets led by automotive, followed by building and construction and consumer products, with additional exposure to electrical and electronics, healthcare, and other industrial applications. Revenue is split about 66% in the Americas and 34% in Europe, according to the companies.
SABIC said the divestiture is part of its Portfolio Optimization Program launched in 2022, aimed at sharpening strategic focus and maximizing long-term value creation. Mutares said it plans to leverage the business’ upstream-integrated platform, technical capabilities, and innovation pipeline to drive operational improvement and growth within its newly formed Chemicals & Materials segment.
KEY QUOTES:
“This transaction is a continuation of our Portfolio Optimization Program, which we embarked on in 2022 to achieve long-term, sustainable growth and maximize value creation. As a result of a competitive process, Mutares was selected to carry on the legacy we have built through our ETP business in the Americas and Europe. We are confident that this transaction can secure a bright future for the business.”
Abdulrahman Al-Fageeh, Chief Executive Officer, SABIC
“The acquisition of the ETP Business from SABIC is a milestone in Mutares’ corporate development. It is not only the largest transaction in our history, but it also marks the launch of our new Chemicals & Materials segment. The ETP Business’ footprint in Americas and Europe, premium brands and technological depth provide an exceptional foundation for building a leading platform in advanced materials and specialty chemicals.”
Johannes Laumann, Chief Investment Officer, Mutares
