HEERLEN, Netherlands (April 4)—DSM N.V. has agreed to sell its petrochemicals business—which doesn't include its elastomers operations—to Saudi Basic Industries Corp. for $1.98 billion. DSM said the deal is part of its plan to become a maker of biotechnological and chemical products for the life science industry and performance materials. The sale includes DSM Polypropylenes North America Inc. and DSM Hydrocarbons Amerias Inc. SABIC is the largest petrochemicals producer in the Middle East based, in Riyadh, Saudi Arabia. It is 70-percent owned by the Saudi Arabia government.
DSM to sell petrochemicals business to SABIC
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