Saudi Arabia-based Chemanol entered agreement and has acquired controlling stakes in two of the chemical companies.
The company is also called Methanol chemicals company.
As per an agreement in June, Chemanol has offered to acquire 80% of Global Company for Chemical Industries or GCI and 84% of Addar Chemicals. The details all financial have not been disclosed. While the transactions are subject to regulatory approvals, they are also subject to usual closing conditions. For acquisition, the company is in sync with its strategic and expansion plans. With this, Chemanol shall increase its product portfolio and attain backward integration. Also the transaction shall reduce the company’s susceptibility to feed stock price fluctuation and economic cycles in the market of petrochemicals.
The deal with GCI is in line with an agreement signed in October 2022 of Chemanol to manufacture Specialty Chemicals.
