18 August 2009 17:57 [Source: ICIS news]
Correction: In the ICIS news story headlined “SABIC seeks acquisitions in high temperature polycarbonate” dated 18 August 2009, please note that an incorrect image was used in the story. A corrected story with a picture of Charlie Crew follows.
By Will Beacham
“What we’re looking at is expanding the very high temperature end of the range,” Charlie Crew, the SABIC business unit’s president and CEO told ICIS news.
We’ve been looking at a number of companies which have technologies. This is our target zone for expansion or potential applications.”
Potential acquisitions would need to expand on the sort of properties offered by the company’s existing ranges used in high temperature applications in automotive, aerospace and food applications, he said.
Crew, who has led the US-headquartered division of Saudi-Arabia’s SABIC since May 2008, said he was also examining opportunities created by the parent company’s strategic moves into new product areas.
“We’re also looking with SABIC at things like carbon fibre as they look to expand the product line. It would be helpful if we had a carbon fibre source internally which we could expand to come up with more of a composite approach using our resins and carbon fibre to get into really high performance structural applications.”
SABIC’s new joint venture with Japanese resin maker Mitsubishi Rayon could also provide opportunities, he said.
Last week SABIC signed a $1bn joint venture acrylics deal with Mitsubishi Rayon to make methyl methacrylate (MMA) and polymethylmethacrylate (PMMA) in Saudi
SABIC acquired the former GE Plastics business for $11.6bn in 2007.
“Our primary focus has been to work through the acquisition, getting into the SABIC business structure and making sure we’re getting through this challenging economic cycle,” Crew said.
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