Saudi Aramco in $1.7 billion deal buy out rubber-making firm

Save Story
Leer en español

Estimated read time: Less than a minute

This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

DUBAI, United Arab Emirates (AP) — Oil giant Saudi Aramco says it will buy out the other 50-percent stake in a joint chemical venture in the Netherlands in a deal valued at 1.5 billion euros, or $1.7 billion.

Aramco made the announcement on Wednesday, saying it would purchase the entire interest in Arlanxeo, a joint venture it set up in 2016 with Lanxess AG.

Lanxess is a chemical company based in Cologne, Germany.

Arlanxeo makes rubber for tires and auto parts, as well as other industries.

Both firms say they expect the deal to close by the end of the year. The company will remain in Maastricht, the Netherlands.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Most recent Business stories

Related topics

The Associated Press


    Get informative articles and interesting stories delivered to your inbox weekly. Subscribe to the Trending 5.
    By subscribing, you acknowledge and agree to's Terms of Use and Privacy Policy.

    KSL Weather Forecast