"Polymershapes is an industry leader with a solid strategy and has been a profitable business for SABIC," said Yousef Al-Benyan, SABIC Vice Chairman and CEO. "As part of our ongoing effort to actively manage our portfolio, we concluded that this business no longer complements our core strategy.

"This divestiture enables SABIC's Specialties SBU to sharpen our focus on businesses aimed at generating greater value for customers through unique or diversified offerings," Al-Benyan commented. "The Specialties SBU will direct resources more intently on providing specialty resins and chemicals and/or their formulations or forms. Additionally, we will study potential growth opportunities."

Ernesto Occhiello, Executive Vice President of SABIC's Specialties SBU, said, "I feel certain that Polymershapes has a bright future, and I wish the leadership team and the employees of Polymershapes the best of success as they begin this next phase under new ownership."

END