Middle-east Arab News Opinion | Asharq Al-awsat

Saudi Firm to Buy Lyondell Unit for $1.2 Billion | ASHARQ AL-AWSAT English Archive 2005 -2017
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RIYADH (Reuters) – Saudi Arabia’s National Industrialisation Co. said on Monday an affiliate had agreed to buy the titanium dioxide business of U.S.-based Lyondell Chemical Co. for $1.2 billion.

The operations consist of eight factories in Europe, Australia and the Americas, National Industrialisation said in a statement on Saudi stock market Web site.

National Industrialisation owns 66 percent of Cristal, the company making the purchase, it said.

Lyondell said last month it was proceeding with sale of its inorganic titanium dioxide chemicals business and had narrowed the list of possible buyers.